Document:

EX-10.1

 Exhibit 10.1 

Share Purchase Agreement 
 This Share
Purchase Agreement (the “Agreement”) is entered into on April 30, 2015 by and among the following parties: 
 Party A: Meitai
Investment (Suzhou) Co., Ltd. (

) 
 Domicile: No. 66 Huanfu Road, Suzhou Industrial Park 

 

			
	Party B1 (Transferor 1):		Zhong Jun Hao (

)
		
	Party B2 (Transferor 2):		Li Jin (

)
		
	Party B3 (Transferor 3):		Tong Ling Hong Xin Ling Xiang Investment Partnership (

) (limited partnership)
		
	Party B4 (Transferor 4):		Shanghai Yi Ju Sheng Yuan Investment Center (

) (limited partnership)
		
	Party B5 (Transferor 5):		Shanghai Ninecity Investment Holding (Group) Ltd. (

)
		
	Party B6 (Transferor 6):		Shanghai Yi Ju Sheng Quan Equity Investment Center (

) (limited partnership)
		
	Party B7 (Transferor 7):		Shanghai Panshi Investment Co., Ltd. (

)

 Party B1, Party B2, Party B3, Party B4, Party B5, Party B6 and Party B7 are hereinafter collectively referred to as
“Party B”. 
  

			
	Party C (Target Company):		Shanghai All-Zip Roofing System Group Co., Ltd. (

)
		
	Domicile:		146 Nanxing Road, Jinhui Town, Fengxian District, Shanghai

 Party D: Solar Power, Inc. (a company incorporated in California), is the indirect controlling shareholder
of Party A. 
 Domicile: 3400 Douglas Boulevard, Suite #285, Roseville, California 95661, U.S.A. 

  
 1 

 Xinwei Solar Power Engineering (Suzhou) Co., Ltd. (

), an affiliate to Party A, Party B and Party C entered into the Share Purchase Framework Agreement on October 28, 2014 in regards with the Purchaser’s acquisition of 100% equity in the Target Company.
Now, based on the due diligence results concerning the Target Company, the Purchaser hereby concludes the Agreement with respect to the purchase of 100% equity in the Target Company (hereinafter, the “Transaction”) after friendly
consultation with the Parties, in line with the principles of mutual cooperation and benefit. 
  

			
	Purchaser		Meitai Investment (Suzhou) Co., Ltd. or associates designated thereby. Under the agreement, with respect to any “person”, this refers to the person that it directly or indirectly controls, or it is controlled by that
person, or any other companies or entities that it jointly controls with that person or it is jointly being controlled by such other companies or entities.
		
	Transferor		 Party B or the associates of Party B who directly or indirectly control the equity of the Target Company after the domestic and overseas
restructuring of the equity of the Target Company held by Party B.
  
 As stated in the
“Special Provisions in relation to the Target Company” hereof, Shanghai Panshi Investment Co., Ltd. and the other Transferors have reached a consensus that prior to the Closing they will acquire a portion of the equity in the Target
Company.

		
	The Parties		Purchaser, Transferor, Party C and Party D.
		
	Target Company		 Shanghai All-Zip Roofing System Group Co., Ltd. (

) and its three subsidiaries, i.e. Jiangsu Zegao New Energy Construction Co., Ltd. (

) and Jiangsu Fengze New Materials Co., Ltd. (

) and Shanghai Aikang Sunshine Metal Technology Co., Ltd. (

). Refer to Appendix 1 attached hereto for details of the said subsidiaries.
  

  
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			Shanghai All-Zip Roofing System Group Co., Ltd. (hereinafter, “Shanghai All-Zip”) was founded on April 1, 2004, in which, as of the execution of the Agreement, Zhong Jun Hao holds 72.2925% of the equity, Li Jin holds
8.505% of the equity, Tong Ling Hong Xin Ling Xiang Investment Partnership (limited partnership) holds 5.5% of the equity, Shanghai Yi Ju Sheng Yuan Investment Center (limited partnership) holds 5.3676% of the equity, Shanghai Ninecity Investment
Holding (Group) Ltd. holds 4.2525% of the equity, Shanghai Yi Ju Sheng Quan Equity Investment Center (limited partnership) holds 4.0824% of the equity; The Target Company has a registered capital of RMB 45 million, with its legal representative
being Zhong Jun Hao and its registered address being at 146 Nanxing Road, Jinhui Town, Fengxian District, Shanghai. Its scope of business covers design, processing, construction and installation of construction wall, construction door and window and
steel structure projects, construction of interior decoration projects, wholesale and retail of mechanical equipment, processing, wholesale and retail of metal products, research and development, design, construction, whole, retail of the planes of
solar energy buildings as well as the import and export business of goods and technologies (in the case of businesses requiring approval pursuant to the laws, pertinent business activities can only be started after the approval by the relevant
departments is obtained).
		
	Target Equity		100% equity interest in the Target Company, i.e. 100% equity interest in Shanghai All-Zip held by Party B and 100% equity interest in the three subsidiaries directly or indirectly held by Shanghai All-Zip.
		
	Special Provisions in relation to the Target Company		 For the purpose of completing the acquisition under the Agreement, the Target Company needs to carry out domestic and overseas
restructuring. After the completion of the restructuring, the equity structure of the Target Company is outlined in Appendix 2 (the overseas equity structure of the Target Company registered and filed by relevant competent departments shall be
regarded as final). The Purchaser will acquire the Target Company or the equity of the overseas shareholders of the Target Company in order to achieve the purpose of acquiring the equity in the Target Company by the Purchaser.

 
 The costs and expenses of the Target Company for building the overseas structure shall be
borne by Party B.

  
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	Closing		The Target Equity should be registered under the name of the Purchaser directly or indirectly (the date of completion of such registration is referred to as the “Closing Date”), within ten business days after the
Purchaser and the Transferors jointly confirming fulfilment of all Conditions to Closing or after the date of mutual exemption, or within another time limit agreed upon between the Parties.
		
	Approval required at the time of signing the Agreement		 1. Upon the execution of the Agreement, the Purchaser confirms that it has obtained all necessary internal approvals and permissions.

 
 2. Upon the execution of the Agreement, the Transferor and the Target Company confirm
that they have obtained all necessary internal approvals and permissions in order to complete this transaction.

		
	Subsequently executed clauses		The Parties agree that, unless otherwise stipulated in applicable laws or regulations, the final complete agreement concerning the Agreement and the aforementioned Transaction comprises of the Agreement and the appendixes
attached hereto, and all other legal documents executed between the Parties for the purpose of completing the Transaction. All legal documents executed between the Parties for the purpose of completing the Translation should conform to the
substantive and general contents agreed upon in the Agreement.
		
	Purchase Price		 1. Subject to the conditions agreed upon in the Agreement, based on the information provided by the Transferor, outcome of the due
diligence conducted by the Purchaser and the Representations and Warranties agreed upon in the Agreement, the purchase price of this equity transfer RMB275 million. This Purchase Price is the total purchase price payable by the Purchaser for the
equity transfer.
  
 2. Any liabilities and/or contingent liabilities incurred by the
Target Company prior to the Closing which are not disclosed to the Purchaser shall be borne entirely by Party B1.

  
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	Payment Terms		 The Purchase Price at which the Purchaser shall acquire from the Transferor 100% of the equity in the Target Company shall be paid in the
form of shares in Party D (hereinafter, the “Target Shares”), the number of which shall be determined on the basis of the transfer of the Target Company. At the Closing of the Purchaser’s acquisition of 100% equity in the Target
Company, the number of Target Shares to be received by the Transferor shall be determined based on the share price of USD2.38/share (the USD-RMB exchange rate should be determined according to the parity exchange rate released by the People’s
Bank of China on the business day preceding the Closing Date). The transfer of the Target Shares should be conducted pursuant to the Regulation S under the Securities Act of 1933 (US) and in compliance with all relevant securities laws of the USA
and California laws. Party D will, within 15 business day after the Closing, equity warrants to the then overseas shareholders of the Target Company (i.e. offshore shareholding platform companies of Party B1 and Party B2 and Party B7’s
associates) as representation of Target Shares they acquired.
  
 With respect to the
Target Shares,
  
 1. After the Closing, the listing of and the trading in Party D’s
Shares that the Transferor will obtain in consideration of the 60% equity in the Target Company will be conducted in accordance with the related listing and trading rules of the stock exchange on which Party D is listed.

 
 2. The listing of and the trading of Party D’s Shares that other Transferors will
obtain in consideration of the 40% equity in the Target Company will be conducted in accordance with the related listing and trading rules of the stock exchange on which Party D is listed as follows:

 
 For the three years immediately after 2014, the said Shares shall be subject to a 3-year
lock-up linked to the Target Company’s net profit, audited by the auditor designated by Party D, as reflected on its consolidated financial statements in each of such years, i.e. without the permission of Party D in writing, none of the said
Shares shall be transferred in any form to any third parties. The Shares of Party D held by the Transferors may be transferred by the Transferors by yearly installment in 2015, 2016 and 2017 subject to the Target Company’s fulfilling the
pre-set cumulative net profit targets (based on the audited results calculated according to the GAAP; the same will continue hereinafter). (A) If the Target Company’s net profit reaches or exceeds RMB 30 million in 2015, 15% of the Shares will
be released, (B) If the Target Company’s cumulative net profit in 2015 and 2016 reaches or exceeds RMB 64.50 million, a cumulative total of 30% of the Shares will be released, and (C) If the Target Company’s cumulative net profit in 2015,
2016 and 2017 reaches or exceeds RMB 104.175 million, all the remaining 40% of the Shares locked will be released on a cumulative basis. On the contrary, in the event that the Target Company fails to achieve the cumulative net profit targets as
specified above in any of such three years, none of the Locked Shares can be released during that year. The portion of Locked Shares affected will be released in the year when the target cumulative net profit is fulfilled.

 

  
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			3. In addition, without Party D’s consent in writing, the Transferors shall not sell, transfer, mortgage or pledge, in any form, any Target Shares held by them, or set any priority, restrictions or other encumbrances on the
Target Shares within three months after Target Share acquisition (calculated from the day when the equity warrant is obtained).
		
	Representations and Warranties of the Transferor and the Target Company		 The Transferor and the Target Company jointly and severally make the following statement and guarantee to the Purchaser, except matters
disclosed in Appendix 3, Letter of Disclosure. Unless expressly stipulated otherwise in other clauses hereof, all the following representations and warranties shall be deemed to only have been made on the date of signing of the Agreement, and is
reaffirmed at the Closing Date.
  
 1. Each of the Target Companies shall be a legal
entity established and existing under the laws of the jurisdiction of its incorporation. With the exception of Shanghai Aikang Sunshine Metal Technology Co., Ltd., all the other Target Companies shall have paid their respective registered capital in
full; all the internal corporate approvals and all the governmental approvals shall have been obtained regarding their incorporation and continuation; and the filing and registration with all necessary government authorities shall have been
completed.
  
 2. The Target Equity shall have been legally acquired by the Transferor.
The equity held by Party C in its subsidiaries shall be legally and validly acquired by it, and the Target Equity shall not be subject to any mortgage, pledge or any other third-party right restrictions, or have any other defects.

 
 3. Except the matters disclosed to the Purchaser, the execution of the Agreement and the
consummation of the transactions contemplated hereunder by the Transferor and the Target Company do not violate any laws, regulations, rules or decrees applicable to them, and all necessary government approvals, registration or record-filing have
been, or will be, obtained; such transactions do not violate their articles of association or any other constitutional documents, nor do them violate any contract, agreement or other documents with the Transferor or the Target Company as the object,
to which the Transferor or the Target Company is a party, or binding on their assets, and nor will such transactions result in acceleration of any of the Transferor or the Target Company’s obligations under any loan agreement to which they are
a party; and all necessary third-party consent has been obtained.
  

  
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			 4. Except the matters disclosed to the Purchaser, none of the Target Companies currently breach or have breached in the past any relevant
laws or regulations in any material aspects, which may result in any civil liabilities, administrative penalties or otherwise cause any losses to the existing businesses of such Target Company or to the businesses that it contemplates to carry
out.
  
 5. Each of the Target Companies respectively possesses all the necessary
approval of the existing businesses that it carries out in all material aspects. The above approval shall be valid and shall continue to exist, and based on its reasonable judgment, it is aware that such approval will not be revoked, cancelled or
withdrawn, and it does not recognize any circumstances under which such approval may be revoked, cancelled or withdrawn.
  

6. All the assets and other assets (other than any inventory disposed of in the ordinary course of business) obtained or used by each Target Company shall be
legally and beneficially owned by such Target Company, free from any encumbrance, or occupied by such Target Company to the extent of being occupiable. Each Target Company possesses or leases all the necessary assets to effectively carry out its
existing business; all the full set of equipment, machinery, vehicles and equipment directly related to the main business of each Target Company which are owned, leased or used by such Target Company shall be in a good condition and shall have been
properly repaired and maintained.
  
 7. The establishment and each of the changes of the
Target Company shall conform to the laws and regulations; all approvals, record-filing and licenses which are required by the laws and regulations to be obtained by the Target Company for the projects, at (each of its respective) current stage,
involved in the Target Company’s various business operations shall have already been obtained, or the Target Company shall have submitted relevant applications for obtaining such approvals, record-filing and licenses; the construction of all
the projects of the Target Company shall conform to the laws and regulations, and they have not violated the provisions of the relevant laws and regulations.
  

8. All necessary approvals, record-filing and licenses required by the laws and regulations for existing construction projects of the Target Company, at (each
of its respective) current stage, shall have already been obtained, or the Target Company shall have submitted relevant applications for obtaining such approvals, record-filing and licenses; the construction of all the existing construction projects
of the Target Company shall conform to the laws and regulations, and they have not violated the provisions of the relevant laws and regulation; and according to the current construction progress of such existing projects, the Target Company shall be
able to successfully obtain the real estate ownership certificate upon project completion.
  

  
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			 9. Based on the reasonable judgment of Party B and the Target Company, the changes of the board of directors of the Target Company will
not cause any major agreement of the Target Company to be terminated; will not subject the rights of the Target Company to any material adverse effect; and will not cause any major clients or suppliers of the Target Company to continue as its
clients or suppliers not with the same degree and not of the same nature as they previously were prior to the date of the Agreement and the Closing date.
  

10. None of the Target Companies has authorized anyone such that he can represent such Target Company to enter into contracts, except for staff with
authorization (including the legal representative, directors, senior management and other managerial staff of such Target Company) to enter into contracts of routine transactions within their normal scope of duties.

 
 11. The financial statements of each Target Company shall be prepared according to the
relevant applicable laws and the requirements of the accounting standards, and they shall be complete, accurate in all material aspects and shall contain true and fair indications of the financial conditions of assets and liabilities and profits and
losses of such Target Company on the dates involved and during the periods involved of those financial statements; they shall match the books and records of such Target Company in all material aspects; those accounts and records shall be accurate in
all material aspects, and they shall have been made in accordance with the relevant applicable accounting standards and laws.
  

12. Each Target Company shall have submitted all tax returns and reports in accordance with the provisions of the relevant laws, and such tax returns and
reports shall be true and accurate in all material aspects; none of the Target Companies has violated any relevant laws and regulations in the taxation aspect; Tax incentives enjoyed by the Target Companies shall have be legitimate and valid.

 
 13. Each Target Company obeys all applicable environmental protection laws and
regulations, and has not violated such laws or regulations in any material aspect; it holds and obeys the environmental protection licenses required by those laws and regulations in all material aspects, and has not violated any such licenses in any
material aspect.
  
 14. Each Target Company obeys all the relevant laws and regulations
in the applicable social insurance and accommodation reserve aspects, and has not violated such laws and regulations in any material aspect. As of the date of the Agreement, the Target Companies do not have any unsettled or potential labor dispute
arbitration or litigation cases with their existing or former employees.
  
 15. There is
no material defect in the internal control systems including the financial systems of the Target Company.
  

  
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			 16. All the account receivables of the Target Company can be effectively collected as agreed.

 
 17. Except for matters already disclosed to the Purchaser, as of the date of the
Agreement, the Target Companies shall not have any unfulfilled loan or borrowing (including corporate bond related contracts) contracts or any other contracts involving any payable liabilities or contingent liabilities.

 
 18. Except for matters already disclosed to the Purchaser, as of the date of the
Agreement, the Target Companies shall not have any unfulfilled financing documents or relevant agreements or instruments with restrictions on other shareholders exercising their shareholder rights, nor shall they have any agreement documents with
restrictions on the Transferor for transferring equity in the Target Companies, or restrictions on profit distribution of the Target Companies.
  

19. All major operations of the Target Companies and the risks involved therein shall have been fully and completely disclosed to the Purchaser, and there
shall not be any contingencies or risks that may result in any losses to the Purchaser.
  

20. Documents, materials and information provided by the Target Companies to the Purchaser, for the purpose of performing the Agreement, shall truthfully,
completely and accurately represent their financial status and results of operations during the corresponding periods.
  

21. Except for those related with the Transaction, the Target Companies have no other associate companies that need to be disclosed to the Purchaser.

 
 22. The Target Companies shall have already obtained the ownership of, and the right to
use, trademarks, patents, non-patented technology and other intellectual properties involved in their operations; and the Target Companies shall have the right to capitalize on all or part of the intellectual properties owned by the Target Companies
by implementing or using such properties, or through any other lawful means such as license-based intellectual property use, implementation or transfer.
  

23. Any intellectual property (e.g. patent, trademark and non-patented technology) used by the Target Companies shall not infringe upon the rights of any third
parties; no individuals or entities have raised any claims regarding the Target Companies’ use of intellectual properties, or any questions or doubts over the legitimacy or validity of any pertinent licenses or agreements; the Target Companies
shall be able to continue to own or use the aforementioned intellectual properties currently owned or used by them.

 

  
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			 24. The Target Companies shall not have any major liabilities or contingent liabilities affecting their normal routine operations.

 
 25. Except for matters already disclosed to the Purchaser, the Target Companies shall not
have any unsettled litigation, arbitration or other legal proceedings at any court, tribunal or administrative departments, which are targeted at any Target Company, pose threat to any Target Company, may prohibit the conclusion of the Agreement, or
affect the effectiveness of the Agreement in any other forms; Party B and the Target Companies currently are not aware of any disputes or violations that may lead to any of the aforementioned litigation, arbitration or administrative penalties.

 
 26. The Target Companies have not reached or formed any lending or borrowing arrangements
with their directors or senior managers.
  
 27. Party B undertakes not to appropriate
any of the Target Companies’ assets or funds, and not to require any of the Target Companies or any of their associates to provide any forms of guarantees.
  

28. All major contracts currently being performed by the Target Companies shall be legitimate and valid; none of the Target Companies have breached any major
contracts.
  
 29. All Transferors shall acquire the Target Equity as consideration only
for investment purposes, without any intent or willingness to distribute the Target Equity. None of the Transferors have promised to any other person, entered into any memorandum of understanding or concluded any agreement involving any acts
violating the securities laws of the USA.
  
 30. All Transferors are
“non-Americans” as defined under Regulation S of the Securities Act of 1933, which is subject to amendments from time to time. None of the Transferors acquire the Target Equity on behalf of any “Americans”.

 
 31. All Transferors acknowledge that the below passage or a restrictive sign along the
same lines will be contained in the equity warrant that they receive from Party D:
  

“THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NO SALE, PLEDGE, HYPOTHECATION,
TRANSFER OR OTHER DISPOSITION OF THESE SECURITIES MAY BE MADE UNLESS EITHER (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (B) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, IN EITHER CASE UPON THE RECEIPT OF AN OPINION OF U.S. COUNSEL.”
  

  
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			32. No brokers, investment banks or any other persons are entitled to requesting commission or any other similar payments for any Transferor’s acquisition of the Target Equity.
		
	Undertakings of Party B1		 1. With respect to uncompleted lease registration for the Target Companies’ current rental properties, Party B1 undertakes to
complete record-filing registration for relevant rental properties prior to the Closing date; in the event that any administrative penalties or other losses are caused to any of the Target Companies due to uncompleted record-filing registration for
any of the Target Companies’ rental properties, Party B1 assumes all liabilities resulting therefrom.
  

2. With respect to tax payments of the Target Companies, Party B1 undertakes to assume all responsibilities for paying any overdue taxes (including withheld
taxes; the same hereinafter) incurred by the Target Company or other potential tax risks occurred prior to the Closing date, and/or any other expenses (e.g. tax repayment, late fees and penalties), or all losses arising from the aforementioned
potential tax risks.
  
 3. With respect to accounts receivable of the Target Companies,
if any of the Target Companies’ accounts receivable cannot be effectively recovered as previously agreed, Party B1 shall be liable to the Purchaser for the amount of payment which cannot be recovered.

 
 4. With respects to the utility model patents, “a device for processing C-bend arc
purlin”, co-owned by the Target Company and Shanghai Baosteel Color Steel Construction Co., Ltd., Party B1 is liable for all losses incurred to the Target Company and/or the Purchaser if the co-owner makes a claim against the Target
Company’s use of the patent, or if any other third party makes a claim against the Target Company’s infringement on any other intellectual property rights.
  

5. The Target Company has not breached any provisions under the State-Owned Construction Land Use Right Transfer Contract (Hu Feng Gui Tu (2012)
Transfer Contract No. 159) entered into between it and the Planning and Land Administration Bureau of Fengxian District, and the relevant Supplementary Contract (Hu Feng Gui Tu (2013) Transfer Contract Supplement No. 69). Party B1 is liable
for any liquidated damages or any other losses incurred by the Target Company after the Closing date due to the Target Company’s violations of the aforesaid contracts prior to the Closing date.

 

  
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			 6. Jiangsu Fengze New Materials Co., Ltd. has not sustained any losses due to the land return claim under the State-Owned Construction
Land Use Right Transfer Contract (contract number: 3209822012YC0171) that it signed with Dafeng Municipal State-Owned Land and Resource Bureau. Jiangsu Fengze New Materials Co., Ltd. will receive in full the deposit and land transfer price already
paid by it. If Jiangsu Fengze New Materials Co., Ltd. sustains any losses arising from the land return or other land related issues, Party B1 assumes all liabilities resulting therefrom.

 
 7. Party B1 undertakes to change the company name of the Social Insurance Registration
Certificate currently registered under the name of Shanghai All-Zip Solar Metal Roofing Engineering Co., Ltd. (predecessor of Shanghai All-Zip) to Shanghai All-Zip, and guarantees that the said Social Insurance Registration Certificate is
within the validity period; Party B1 bears all related expenses, as well as the responsibility for any administrative penalties imposed on the competent department or any relevant expenses or losses caused to the Target Company as a result of its
failure to modify or renew the certificate.
  
 8. Party B1 undertakes to change the
company name of the 6 registered trademarks (refer to Appendix 4 for details) currently registered under the name of Shanghai All-Zip Solar Metal Roofing Engineering Co., Ltd. (predecessor of Shanghai All-Zip) to Shanghai All-Zip; Party B1 bears all
related expenses, as well as the responsibility for any restrictions on the Target Company’s intellectual property rights or any relevant expenses or losses caused to the Target Company as a result of its failure to make the modification in
time.
  
 9. Party B1 and Party B2 have not paid the personal income taxes payable by
Party B1 and Party B2 for retained earnings reserve following the Target Company’s joint-stock restructuring in December 2011; Party B1 undertakes that it bears all such person income taxes and is responsible to pay them off in full; Party B1
bears all responsibilities for any penalties imposed on the Target Company by the competent tax department or any relevant expenses or losses caused to the Target Company as a result thereof.

 
 10. Party B1 guarantees that, as of the Closing date, the Company’s cash balance on
the book is at least RMB1 million; if the Target Company’s cash balance at the Closing date is less than RMB1 million, Party B1 will make up the difference in full.

 

  
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			 11. With respect to the Working Capital Loan Contract between Shanghai All-Zip and the Jiading (Shanghai) Branch of China
Everbright Bank, Party B1 undertakes to obtain the written consent of Jiading (Shanghai) Branch of China Everbright Bank for the transfer of the equity in Shanghai All-Zip prior to the Closing date.

 
 12. Party B1 undertakes, and will urge core staff members (refer to Appendix 5 for a list
of the names of the core staff members) of the Target Company to undertake, that they will enter into a new employment contract and Non-Compete Agreement with the Target Company within one month after the Closing date (A separate management
agreement will be concluded between Party B1 and the Purchaser. Where the employment contract already contains non-compete clauses, it is unnecessary to execute a separate Non-Compete Agreement).

 
 13. Party B1 is liable for any losses or compensation incurred by the Target Company
arising from any litigation concerning matters for which a written consent has not been obtained from the Purchaser between the date of the Agreement and the Closing date.

 

	Representations and Warranties of the Purchaser		 The Purchaser makes the following Representations and Warranties to the Target Company. Unless expressly stated otherwise in other clauses
hereof, each of the Representations and Warranties below shall be deemed to only have been made on the date of signing of the Agreement, and is reaffirmed at the Closing Date.
  

1. The Purchaser shall be a legal entity established and existing under the laws of the jurisdiction of its incorporation.

 
 2. Executing and performing the Agreement by the Purchaser does not violate its
registration documents or regulations; no separate permission, waiver, consent, instructions, authorization or approval need to be obtained from any organizations of the American government for Party D’s execution and performance of the
Agreement, nor is any separate registration, record-filing or notification obligation required, except (i) reporting and disclosure made to the to the U.S. Securities and Exchange Commission; (ii) permissions, consents, instructions, authorization,
regulations, statements and record-filing that need to be obtained pursuant to the securities regulations of California; and (iii) any other permissions, waivers, authorization, approval or registration, lack of which does not cause any material
adverse effect.
  

  
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			 3. Executing and performing the Agreement by the Purchaser and Party D does not conflict with any decree, instrument, prohibition,
judgment or order, ordinance, regulation or statute applicable to the Purchaser, Party D, their subsidiaries or any assets or properties thereof, nor does it violate any of such decrees, instruments, prohibitions, judgments, ordinance, regulations
or statutes; and nor does it impose any liens, encumbrances, claims, security interests, or restrictions, under any major contracts, upon the Purchaser, Party D, their subsidiaries or any major assets or properties thereof.

 
 4. The Target Equity issued by Party D does not involve any equity issuance/sale related
pre-emptive rights, co-sale right, registration rights, right of first refusal or other similar rights.
  

5. Necessary authorization has been obtained for the Target Equity to be issued by Party D to the Transferor pursuant to the Agreement; upon the equity
warrants being issued by Party D to Party B1, Party B2, Party B7 and their associates, as representation of their respective acquisition of the Target Equity, such equity issued shall be shares properly issued pursuant to applicable US federal
securities laws and have been fully paid, and the issuance does not violate any subscription/share purchase related pre-emptive rights or other similar rights.
  

	Undertakings of the Purchaser		 1. The Purchaser and Party B1 shall enter into a management agreement.

 
 2. Upon completion of the acquisition, the Target Company shall be responsible for the
construction of all of Party D and its associates’ EPC projects in East China (including Shanghai, Jiangsu, Zhejiang, Anhui, Shandong, Jiangxi and Fujian); the actual implementation process shall be separately agreed upon between the two
parties in the management agreement.
  
 3. Upon completion of the acquisition, the
Target Company shall be responsible for the construction of Party D and/or its associates’ roof distributed power generation projects in China (excluding Hong Kong, Macao and Taiwan – to avoid ambiguity); the actual implementation process
shall be separately agreed upon between the two parties in the management agreement.
  

4. Prior to the Closing date, Party B1 retains all its operational autonomy enjoyed by it before the execution of the Agreement, unless otherwise stipulated in
the protection provisions.
  

  
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	Conditions to Closing		 1. The representations and warranties in the Agreement made by the Transferor and Target Company remain valid and accurate on the closing
date, and the Purchaser has not discovered any material misstatement of the Transferor and/or the Target Company. No events or situations that have material or potentially material adverse impact on the legal registration, business permit,
intellectual property rights, assets and liabilities, business operations, finance and tax, project construction, environmental protection or other major aspects of the Target Company have occurred before the closing date;

 
 2. The representations and warranties in the Agreement made by the Purchaser and Party D
remain valid and accurate on the closing date, and the Transferor has not discovered any material misstatement of the Purchaser and/or Party D. No events or situations that have material or potentially material adverse impact on the legal
registration, business permit, intellectual property rights, assets and liabilities, business operations, finance and tax, project construction, environmental protection or other major aspects of Party D have occurred before the closing date;

 
 3. Where in accordance with the applicable laws, the transactions involved in the
Agreement require government approval, registration, filing, reporting and other procedures (if required) in any jurisdiction in which any Party is incorporated or located, all the necessary approval or permission documents have been obtained;

 
 4. The Purchaser and the Transferor have obtained the formal approval (if required) of
the relevant decision-making bodies (including but not limited to the board of directors/shareholders’ meeting/superior competent authorities, etc.) on matters relating to the Equity Transfer of the Target Company;

 
 5. There are no rights restrictions like third-party pledge or freeze-out of the Target
Equity held by the Transferor;
  
 6. Shanghai All-Zip has completed the registration of
changes in company name on the Social Security Registration Certificate from Shanghai All-Zip Solar Metal Roofing Engineering Co., Ltd. (

), the predecessor of Shanghai All-Zip, to Shanghai All-Zip, and the said Social Security Registration Certificate is still valid;
  

7. Shanghai All-Zip has submitted the application for the registration of trademark changes to change the name of the owner of 6 registered trademarks from
Shanghai All-Zip Solar Metal Roofing Engineering Co., Ltd. (

), the predecessor of Shanghai All-Zip, to Shanghai All-Zip;
  

  
 15 

			
			 8. Shanghai All-Zip has obtained the written consent of Shanghai Jiading Sub-branch of China Everbright Bank regarding its equity
transfer;
  
 9. At the time of two capital boosts to Shanghai All-Zip in October and
November 2011, with respect to the capital increase agreements signed by the then shareholders of Shanghai All-Zip and Party B3, Party B4 and Party B6, Party B1 has taken the responsibility for unwinding the said agreements, or all the arrangements
in the said agreements that make Party D and/or the Target Company subject to more obligations have been removed;
  

10. The Parties have signed the legal documents necessary for closing;
  

11. The Purchaser has completed the signing of relevant management agreements with Party B1, or this condition is exempted by both parties in writing;

 
 12. With respect to Shanghai Aikang Sunshine Metal Technology Co., Ltd. (

), a subsidiary of the Target Company, Party B1 has completed the deregistration of the said company. Or, the Target Company has paid in full the remaining paid-in capital of RMB 4 million for Shanghai Aikang Sunshine
Metal Technology Co., Ltd. (

) before the closing date. Or, this condition is exempted by the Purchaser in writing.
  

	Protective Provisions		 1. From the signing date of the Agreement to the closing date, Party B shall act as a manager in good faith to discharge its duty of daily
operation and management of the Target Company.
  
 2. Before the closing date, in case
of any of the following major events of the Target Company, a written consent of the Purchaser must be acquired in advance:
  

(1)    Amendment of the Articles of Association;

 
 (2)    Acquisition, merger,
restructuring (except for the restructuring for the purpose of the Transaction), liquidation, break-up or dissolution;
  

(3)    Sale, pledge, guarantee, lease, transfer or disposal of material assets, transfer or permit
of relevant external investments, concession or intellectual property rights (other than those that have already occurred and been told to the Purchaser before the signing date of the Agreement, or those necessary for daily
operations);

  
 16 

			
			 (4)    Transfer of shares to investors other than the Purchaser or permission
of other investors to hold shares of the Target Company by subscribing to additional registered capital or other means;
  

(5)    Allocation of profits;

 
 (6)    Disposal by existing
shareholders of their shares of the Target Company held directly/indirectly;
  

(7)    Establishment of new photovoltaic power plants;

 
 (8)    Acquisition or
investment in photovoltaic power plants;
  

(9)    Additional investment in existing photovoltaic power plant project companies;

 
 (10)  Affiliated transactions;

 
 (11)  Loan provision to directors,
senior management, employees or shareholders;
  

(12)  Signing of any credit or loan contracts (including corporate bond issuance) or other contracts
associated with payables or contingent liabilities that exceed RMB 5 million; guarantee or investment exceeding RMB 5 million (inclusive);
  

(13)  Purchase of shares or equity of listed or unlisted companies;

 
 (14)  Change of directors;

 
 (15)  Adoption or alteration of
significant business and operational plans of the Company, inconsistency with existing business plan as a result of material changes in the strategic direction or business of the Company;

 
 (16)  Annual budget;

 
 (17)  Technology transfer or granting
of technology license to other parties;
  

(18)  Change of auditor or any material changes in the accounting system or policies.

 

		
	Taxes and Expenses		Each party will bear the taxes and expenses arising from the Transaction respectively.

  
 17 

			
		
	Guarantee on Performance of the Agreement		 To ensure the interests of the Purchaser and the Target Company, Party B1 agrees to provide guarantee (hereinafter referred to as the
“guarantee on performance of the Agreement”) in the following manner on all the expenses it needs to assume as a result of possible violations of representations, warranties or commitments in the Agreement or of any arrangements in the
Agreement as well as on compensations for all the losses caused to the Purchaser and/or the Target Company:
  

1. Before the closing date, if the Transferor needs to assume all the expenses as a result of its violations of any representations, warranties, commitments or
other arrangements in the Agreement as well as the compensations for all the losses caused to the Purchaser and/or the Target Company, the Purchaser has the right to directly deduct such amount of expenses and compensations from the Purchase
Price;
  
 2. After the closing date, Party B1 agrees to give 25% of the 40% Locked
Shares as agreed under Point 2 of the first clause under the Payment Terms of the Agreement (i.e. 10% of all the shares acquired by the Transferor) to the Purchaser as a pledge and use this as its guarantee on performance of the Agreement. The
pledge period is one year (i.e. 365 days) since the closing date. If the Transferor needs to assume all the expenses as a result of its violations of any representations, warranties, commitments or other arrangements in the Agreement as well as the
compensations for all the losses caused to the Purchaser and/or the Target Company, the Purchaser has the right to be among the first to benefit from the amount of money received from disposing the pledged shares.

 

	Liability for Breach of the Agreement		 (1) Except for otherwise stipulated under (2) and (3), in the event that any party violates any warranties, commitments, conditions,
agreement or any other rules specified hereunder, which in turn causes any charges, liabilities or any direct economic losses to other party (parties), the breaching party shall bear and compensate the aforementioned charges, liabilities or losses
caused to other party (parties). The compensation shall be equal to the actual losses suffered by the non-breaching party as well as all the benefits lost by the non-breaching party as a result of the breach. The compensation does not affect other
rights and welfare the non-breaching party is entitled to with respect to the cases of breach of any clauses hereunder by the breaching party in accordance with the applicable laws and regulations and the Agreement. The rights and welfare the
non-breaching party is entitled to with respect to the cases of breach of any clauses hereunder by the breaching party shall remain valid upon the cancellation, termination or completion of the Agreement. To avoid doubt, all the parties have agreed
and confirmed that cases of breach as described under (2) and (3) shall be dealt with in accordance with the following arrangements under (2) and (3) rather than under (1).

 

  
 18 

			
			 (2) If the Transferor and/or the Target Company violates the representations and warranties made in the Agreement, or the representations
and warranties in the Agreement are untrue or inaccurate, or the representations and warranties in the Agreement have changed before the closing date or significant negative changes have occurred to the relevant conditions of the Target Company that
causes actual significant losses to the Purchaser and/or the Target Company or made it impossible for the Purchaser to realize its purchase purpose, if it is before the closing date, the Purchaser has the right to either adjust the Purchase Price
and ask the Transferor and the Target Company to rectify the situation within a specified period so that there will not be material differences between the situation after the rectification and the representations and warranties in the Agreement, or
to unilaterally terminate the agreement. The Purchaser will not be subject to any liabilities for delay in the completion of the closing or payment of the Purchase Price that is due to the aforementioned reasons. In case of termination of the
Agreement, the Transferor needs to assume the direct costs paid by the Purchaser for the signing of the Agreement and the Transaction, including but not limited to expenses for hiring intermediaries. If it is after the closing date, in case of any
actual losses to the Purchaser and/or the Target Company as a result of the aforementioned situations, the Purchaser has the right to ask the Transferor to compensate to the Purchaser for the actual losses and also has the right to unilaterally
terminate the agreement.
  
 (3) If the Purchaser and/or Party D substantively violate
the representations and warranties in the Agreement and fail to make commercially reasonable efforts to rectify the violations or fail to rectify within a prescribed period, the Transferor has the right to choose to terminate the Agreement or ask
the violating party to perform its obligations and assume liability for breach of the agreement in accordance with the Agreement or requirements of relevant laws and regulations.

 

  
 19 

			
	Termination of the Agreement		 Unless otherwise stipulated in the Agreement, under the following circumstances, the Agreement can be terminated at any time before
closing, and the Transaction will also be abandoned:
  
 1. All of the parties have
forged a consensus through negotiations and entered into a written agreement to terminate the Agreement;
  

2. Any party can terminate the Agreement if (i) the closing has not been completed by the end of 2015 since the signing date of the Agreement (but the party
that deliberately makes it impossible to complete the closing conditions or complete the obligations under the Agreement or deliberately violates the Agreement so that it is impossible to complete the closing on or before the aforementioned date
does not have the right to terminate the Agreement in accordance with the clause; (ii) there exist effective government agency directives that prevent the completion of the Transaction and are final and can not be appealed; or (iii) there exist any
statutory laws, rules, regulations or directives that are drawn up, issued or signed by any government agencies or deemed as applicable to the Transaction and could make the Transaction illegal or non-compliant with rules.

 
 The party that terminates the Agreement shall issue a written notice to the parties that
have not terminated the Agreement once the Agreement is terminated by all of the parties or any one party in accordance with the aforementioned contents. If the Agreement is terminated in accordance with the aforementioned contents, the Agreement
shall become invalid immediately, and any party or its respective management staff, directors, owners or shareholders do not need to assume liabilities or obligations (liabilities that need to be assumed due to non-performance, deliberately false
statements and/or intentional or deliberate violation of the Agreement can not be exempted). But the “Confidentiality Clause” and clause 1 and 2 of the “General Clauses” will remain effective and continue to exist after the
Agreement is terminated.
  

  
 20 

			
	Confidentiality Clause		Any facts existing herein, clauses and conditions mentioned herein and any information provided during the independent due diligence investigation shall constitute confidential information (hereinafter “Confidential
Information”). The parties have agreed that any confidential information shall not be used or disclosed to any third party, unless it is required to be disclosed for the purpose of relevant audit, valuation, negotiation and execution of the
transaction under the Agreement or required by the competent governmental authorities, ministries and commissions or stock exchanges (including in accordance with applicable US securities laws and relevant trading rules of the place where Party D is
listed).
		
	General Clauses		 1. This Agreement shall be governed by and construed in accordance with the laws of China.

 
 2. Any dispute arising from the Agreement shall be settled through friendly negotiation
by all parties. If any dispute cannot be so settled, any party can refer the case to the Shanghai International Economic and Trade Arbitration Commission (Shanghai International Arbitration Center) so that an arbitration can be conducted in
accordance with the arbitration rules then in effect. The arbitration shall take place in Shanghai. The arbitration award will be final and legally binding upon all parties.
  

3. This Agreement shall become legally binding upon being signed by and affixed hereunto with the seals of all the parties hereto.

 
 4. After it takes effect, the Agreement will replace the Share Purchase Framework
Agreement signed by the Purchaser, the Transferor and the Target Company. And the Share Purchase Framework Agreement will expire.

		
	Force majeure		 In the Agreement, force majeure refers to objective circumstances that cannot be foreseen, avoided or overcome, including war, fire,
flooding, typhoon, earthquake, policy changes and other events that cannot be resisted by human power. The party subject to a force majeure shall notify other parties immediately once the force majeure occurs. Proof must be provided to the relevant
competent authorities within 15 days after the aforementioned event disappears. The party subject to a force majeure will not assume liability for breach of the agreement after providing the aforementioned proof.

 
 Changes in applicable laws and regulations that make it impossible to perform the
Agreement are deemed as force majeure.

  
 21 

			
		
	Severability		If any clauses in the Agreement become invalid, in whole or in part, due to any reasons, other clauses in the Agreement will remain valid and should still apply.
		
	Headlines		The headlines in the Agreement are for the convenience of reading only and shall not affect the interpretation of any clauses in the Agreement.
		
	Notice		 1. Any party that is, in accordance with the Agreement, required or allowed to issue a notice or other correspondence shall send it to the
following addresses of other parties via special person delivery, registered mail (prepaid postage), express air mail, or fax. The date on which the notice is deemed as being effectively delivered is determined based on the following methods:

 
 If the notice is delivered by a special person, the date of delivery will be deemed as
the effective delivery date; if the notice is delivered via express air mail, the third work day after the express mail is sent will be deemed as the effective delivery date; if the notice is sent via registered mail (prepaid postage), the fifth
work day after the registered mail is sent will be deemed as the effective delivery date.
  

If the notice is sent by fax, the date on which it is successfully sent is deemed as the effective delivery date (with the automatically generated confirmation
of delivery as the proof).
  
 2. For the purpose of receiving notices, the mailing
address of each part is as follows:
  
 Purchaser: Meitai Investment (Suzhou) Co., Ltd. (

)
 Address: 7F, Block B, Building 1, Jinqi Plaza, Lane 2145, Jinshajiang Road, Shanghai

Recipient: Houmin Xia (

)
  
 Transferor: Zhong Jun Hao (

)
 Address: No.9 Huanle Road, Fengxian District, Shanghai

 
 Each party can, in accordance with the clause of the Agreement, change its mailing
address at any time by notifying other parties in writing.

		
	Others		This Agreement shall become legally binding upon being signed by and affixed hereunto with the seals of all the parties hereto (if applicable). This agreement is produced in twenty (20) copies, with each party holding two (2)
copies each. All the copies have the same legal effect.

  
 22 

 (This is the signature page of the Share Purchase Agreement, with no main text) 

Party A: Meitai Investment (Suzhou) Co., Ltd. (

) 
 Legal Representative or Authorized Representative: 

Xiahou Min 
 /s/ Xiahou Min 

Zhong Jun Hao (

): 
 /s/ Zhong Jun Hao 
 Li Jin (

): 
 /s/ Li Jin 
 Tong Ling Hong
Xin Ling Xiang Investment Partnership (

) 
 Authorized representative: 

Xie Lanpin 
 /s/ Xie Lanpin 

Shanghai Yi Ju Sheng Yuan Equity Investment Centre (

) 
 Authorized representative: (corporate seal affixed) 

Shanghai Ninecity Investment Holdings (Group) Co., Ltd. (

) 
 Authorized representative: (corporate seal affixed) 

Shanghai Yi Ju Sheng Quan Equity Investment Centre (

) 
 Authorized representative: (corporate seal affixed) 

Shanghai Panshi Investment Co., Ltd. (

) 
 Authorized representative: (corporate seal affixed) 

Target Company: Shanghai All-Zip Roofing System Group Co., Ltd. (

) 
 Legal Representative or Authorized Representative: 

Zhong Jun Hao 
 /s/ Zhong Jun Hao 

Party D: Solar Power, Inc. 
 Authorized representative: 

Xiahou Min 
 /s/ Xiahou Min 

April 30, 2015 

  
 23 

 Appendix I: List of subsidiaries 

  
 24 

 Appendix II: Basic equity structure after restructuring 

  
 25 

 Appendix III: Disclosure Letter 

  
 26 

 Appendix IV: Trademarks 

  
 27 

 Appendix V: List of core staff members 

  
 28Value Escrow Agreement

FORM 5D

ESCROW AGREEMENT

VALUE SECURITY

THIS AGREEMENT is made as of the 3 day of September, 2014

AMONG: SAN ANTONIO VENTURES INC.

(the "Issuer")

AND: COMPUTERSHARE INVESTOR SERVICES INC.

(the "Escrow Agent")

AND:

EACH OF THE UNDERSIGNED SECURITYHOLDERS OF THE ISSUER (a "Securityholder" or "you")

(collectively, the "Parties")

This Agreement is being entered into by the Parties under Exchange Policy 5.4 - Escrow, Vendor Consideration and Resale Restrictions (the Policy) in connection with a Reverse Takeover. The Issuer is a Tier 2 Issuer as described in Policy 2.1 - Initial Listing Requirements.

For good and valuable consideration, the Parties agree as follows:

PART 1 

ESCROW

1.1

Appointment of Escrow Agent

The Issuer and the Securityholders appoint the Escrow Agent to act as escrow agent under this Agreement. The Escrow Agent accepts the appointment.

1.2

Deposit of Escrow Securities in Escrow

(1)

You are depositing the securities (escrow securities) listed opposite your name in Schedule "A" with the Escrow Agent to be held in escrow under this Agreement. You will immediately deliver or cause to be delivered to the Escrow Agent any share certificates or other evidence of these securities which you have or which you may later receive.

(2)

If you receive any other securities (additional escrow securities):

(a)

as a dividend or other distribution on escrow securities;

(b)

on the exercise of a right of purchase, conversion or exchange attaching to escrow securities, including securities received on conversion of special warrants;

(c)

on a subdivision, or compulsory or automatic conversion or exchange of escrow securities; or

(d)

from a successor issuer in a business combination, if Part 6 of this Agreement applies,

you will deposit them in escrow with the Escrow Agent. You will deliver or cause to be delivered to the Escrow Agent any share certificates or other evidence of those additional escrow securities. When this Agreement refers to escrow securities, it includes additional escrow securities.

(3)

You will immediately deliver to the Escrow Agent any replacement share certificates or other evidence of additional escrow securities issued to you.

1.3

Direction to Escrow Agent

The Issuer and the Securityholders direct the Escrow Agent to hold the escrow securities in escrow until they are released from escrow under this Agreement.

PART 2

RELEASE OF ESCROW SECURITIES

2.1

Release Provisions

The provisions of Schedule B(2) are incorporated into and form part of this Agreement.

2.2

Additional escrow securities

If you acquire additional escrow securities in connection with the transaction to which this agreement relates, those securities will be added to the securities already in escrow, to increase the number of remaining escrow securities. After that, all of the escrow securities will be released in accordance with the applicable release schedule.

2.3

Additional Requirements for Tier 2 Surplus Escrow Securities

Where securities are subject to a Tier 2 Surplus Security Escrow Agreement [Schedule B(4)], the following additional conditions apply:

(1)

The escrow securities will be cancelled if the asset, property, business or interest therein in consideration of which the securities were issued, is lost, or abandoned, or the operations or development of such asset, property or business is discontinued.

(2)

The Escrow Agent will not release escrow securities from escrow under schedule B(4) unless the Escrow Agent has received, within the 15 days prior to the release date, a certificate from the Issuer that:

(a)

is signed by two directors or officers of the Issuer;

(b)

is dated not more than 30 days prior to the release date;

(c)

states that the assets for which the escrow securities were issued (the "Assets") were included as assets on the balance sheet of the Issuer in the most recent financial statements filed by the Issuer with the Exchange; and

(d)

states that the Issuer has no reasonable knowledge that the Assets will not be included as assets on the balance sheet of the Issuer in the next financial statements to be filed by the Issuer with the Exchange.

(3)

If, at any time during the term of this Agreement, the Escrow Agent is prohibited from releasing escrow securities on a release date specified schedule B(4) as a result of section 2.3(2) above, then the Escrow Agent will not release any further escrow securities from escrow without the written consent of the Exchange.

(4)

If as a result of this section 2.3, the Escrow Agent does not release escrow securities from escrow for a period of five years, then:

(a)

the Escrow Agent will deliver a notice to the Issuer, and will include with the notice any certificates that the Escrow Agent holds which evidence the escrow securities; and

(b)

the Issuer and the Escrow Agent will take such action as is necessary to cancel the escrow securities.

(5)

For the purposes of cancellation of escrow securities under this section, each Securityholder irrevocably appoints the Escrow Agent as his or her attorney, with authority to appoint substitute attorneys, as necessary.

2.4

Delivery of Share Certificates for Escrow Securities

The Escrow Agent will send to each Securityholder any share certificates or other evidence of that Securityholder's escrow securities in the possession of the Escrow Agent released from escrow as soon as reasonably practicable after the release.

2.5

Replacement Certificates

If, on the date a Securityholder's escrow securities are to be released, the Escrow Agent holds a share certificate or other evidence representing more escrow securities than are to be released, the Escrow Agent will deliver the share certificate or other evidence to the Issuer or its transfer agent and request replacement share certificates or other evidence. The Issuer will cause replacement share certificates or other evidence to be prepared and delivered to the Escrow Agent. After the Escrow Agent receives the replacement share certificates or other evidence, the Escrow Agent will send to the Securityholder or at the Securityholder's direction, the replacement share certificate or other evidence of the escrow securities released. The Escrow Agent and Issuer will act as soon as reasonably practicable.

2.6

Release upon Death

(1)

If a Securityholder dies, the Securityholder's escrow securities will be released from escrow. The Escrow Agent will deliver any share certificates or other evidence of the escrow securities in the possession of the Escrow Agent to the Securityholder's legal representative provided that:

(a)

the legal representative of the deceased Securityholder provides written notice to the Exchange of the intent to release the escrow securities as at a specified date which is at least 10 business days and not more than 30 business days prior to the proposed release; and

(b)

the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date.

(2)

Prior to delivery the Escrow Agent must receive:

(a)

a certified copy of the death certificate; and

(b)

any evidence of the legal representative's status that the Escrow Agent may reasonably require.

2.7

Exchange Discretion to Terminate

If the Escrow Agent receives a request from the Exchange to halt or terminate the release of escrow securities from escrow, then the Escrow Agent will comply with that request, and will not release any escrow securities from escrow until it receives the written consent of the Exchange.

2.8

Discretionary Applications

The Exchange may consent to the release from escrow of escrow securities in other circumstances and on terms and on conditions it deems appropriate. Securities may be released from escrow provided that the Escrow Agent receives written notice from the Exchange.

PART 3

EARLY RELEASE ON CHANGE OF ISSUER STATUS

3.1

Early Release — Graduation to Tier 1

(1)

When a Tier 2 Issuer becomes a Tier 1 Issuer, the release schedule for its escrow securities changes.

(2)

If the Issuer reasonably believes that it meets the Initial Listing Requirements of a Tier 1 Issuer as described in Policy 2.1 — Initial Listing Requirements, the Issuer may make application to the Exchange to be listed as a Tier 1 Issuer. The Issuer must also concurrently provide notice to the Escrow Agent that it is making such an application.

(3)

If the graduation to Tier 1 is accepted by the Exchange, the Exchange will issue an Exchange Bulletin confirming final acceptance for listing of the Issuer on Tier 1. Upon issuance of this Bulletin the Issuer must immediately:

(a)

issue a news release:

(i)

disclosing that it has been accepted for graduation to Tier 1; and

(ii)

disclosing the number of escrow securities to be released and the dates of release under the new schedule; and

(b)

provide the news release, together with a copy of the Exchange Bulletin, to the Escrow Agent.

(4)

Upon completion of the steps in section 3.1(3) above, the Issuer's release schedule will be replaced as follows:

		
	Applicable Schedule Pre-Graduation

	Applicable Schedule Post-Graduation

	Schedule B(2)

	Schedule B(1)

	Schedule B(4)

	Schedule B(3)

(5)

Within 10 days of the Exchange Bulletin confirming the Issuer's listing on Tier 1, the Escrow Agent must release any escrow securities from escrow securities which under the new release schedule would have been releasable at a date prior to the Exchange Bulletin.

PART 4

DEALING WITH ESCROW SECURITIES

4.1

Restriction on Transfer, etc.

Unless it is expressly permitted in this Agreement, you will not sell, transfer, assign, mortgage, enter into a derivative transaction concerning, or otherwise deal in any way with your escrow securities or any related share certificates or other evidence of the escrow securities. If a Securityholder is a private company controlled by one or more Principals of the Issuer, the Securityholder may not participate in a transaction that results in a change of its control or a change in the economic exposure of the Principals to the risks of holding escrow securities.

4.2

Pledge, Mortgage or Charge as Collateral for a Loan

Subject to Exchange acceptance, you may pledge, mortgage or charge your escrow securities to a financial institution as collateral for a loan, provided that no escrow securities or any share certificates or other evidence of escrow securities will be transferred or delivered by the Escrow Agent to the financial institution for this purpose. The loan agreement must provide that the escrow securities will remain in escrow if the lender realizes on the escrow securities to satisfy the loan.

4.3

Voting of Escrow Securities

Although you may exercise voting rights attached to your escrow securities, you may not, while your securities are held in escrow, exercise voting rights attached to any securities (whether in escrow or not) in support of one or more arrangements that would result in the repayment of capital being made on the escrow securities prior to a winding up of the Issuer.

4.4

Dividends on Escrow Securities

You may receive a dividend or other distribution on your escrow securities, and elect the manner of payment from the standard options offered by the Issuer. If the Escrow Agent receives a dividend or other distribution on your escrow securities, other than additional escrow securities, the Escrow Agent will pay the dividend or other distribution to you on receipt.

4.5

Exercise of Other Rights Attaching to Escrow Securities

You may exercise your rights to exchange or convert your escrow securities in accordance with this agreement.

PART 5 PERMITTED TRANSFERS WITHIN ESCROW

5.1

Transfer to Directors and Senior Officers

(1)

You may transfer escrow securities within escrow to existing or, upon their appointment, incoming directors or senior officers of the Issuer or any of its material operating subsidiaries, if the Issuer's board of directors has approved the transfer and provided that:

(a)

you make application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and

(b)

the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date.

(2)

Prior to the transfer the Escrow Agent must receive:

(a)

a certified copy of the resolution of the board of directors of the Issuer approving the transfer;

(b)

a certificate signed by a director or officer of the Issuer authorized to sign, stating that the transfer is to a director or senior officer of the Issuer or a material operating subsidiary and that any required acceptance from the Exchange the Issuer is listed on has been received;

(c)

an acknowledgment in the form of Form 5E signed by the transferee; and

(d)

a transfer power of attorney, completed and executed by the transferor in accordance with the requirements of the Issuer's transfer agent.

5.2

Transfer to Other Principals

(1)

You may transfer escrow securities within escrow:

(a)

to a person or company that before the proposed transfer holds more than 20% of the voting rights attached to the Issuer's outstanding securities; or

(b)

to a person or company that after the proposed transfer

(i)

will hold more than 10% of the voting rights attached to the Issuer's outstanding securities, and

(ii)

has the right to elect or appoint one or more directors or senior officers of the Issuer or any of its material operating subsidiaries,

provided that:

(c)

you make an application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and

(d)

the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date.

(2)

Prior to the transfer the Escrow Agent must receive:

(a)

a certificate signed by a director or officer of the Issuer authorized to sign, stating that:

(i)

the transfer is to a person or company that the officer believes, after reasonable investigation, holds more than 20% of the voting rights attached to the Issuer's outstanding securities before the proposed transfer; or

(ii)

the transfer is to a person or company that:

(A)

the officer believes, after reasonable investigation, will hold more than 10% of the voting rights attached to the Issuer's outstanding securities; and

(B)

has the right to elect or appoint one or more directors or senior officers of the Issuer or any of its material operating subsidiaries

after the proposed transfer; and

(iii) 

any required approval from the Exchange or any other exchange on which the Issuer is listed has been received;

(b)

an acknowledgment in the form of Form 5E signed by the transferee; and

(c)

a transfer power of attorney, completed and executed by the transferor in accordance with the requirements of the Issuer's transfer agent.

5.3

Transfer upon Bankruptcy

(1)

You may transfer escrow securities within escrow to a trustee in bankruptcy or another person or company entitled to escrow securities on bankruptcy provided that:

(a)

you make application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and

(b)

the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date.

(2)

Prior to the transfer, the Escrow Agent must receive:

(a)

a certified copy of either

(i)

the assignment in bankruptcy filed with the Superintendent of Bankruptcy, or

(ii)

the receiving order adjudging the Securityholder bankrupt;

(b)

a certified copy of a certificate of appointment of the trustee in bankruptcy;

(c)

a transfer power of attorney, duly completed and executed by the transferor in accordance with the requirements of the Issuer's transfer agent; and

(d)

an acknowledgment in the form of Form 5E signed by

(i)

the trustee in bankruptcy or

(ii)

on direction from the trustee, with evidence of that direction attached to the acknowledgement form, another person or company legally entitled to the escrow securities.

5.4

Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities

(1)

You may transfer escrow securities you have pledged, mortgaged or charged under section 4.2 to a financial institution as collateral for a loan within escrow to the lender on realization provided that:

(a)

you make application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and

(b)

the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date.

(2)

Prior to the transfer the Escrow Agent must receive:

(a)

a statutory declaration of an officer of the fmancial institution that the financial institution is legally entitled to the escrow securities;

(b)

evidence that the Exchange has accepted the pledge, mortgage or charge of escrow securities to the financial institution;

(c)

a transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer's transfer agent; and

(d)

an acknowledgement in the form of Form 5E signed by the financial institution.

5.5

Transfer to Certain Plans and Funds

(1)

You may transfer escrow securities within escrow to or between a registered retirement savings plan (RRSP), registered retirement income fund (RRIF) or other similar registered plan or fund with a trustee, where the beneficiaries of the plan or fund are limited to you and your spouse, children and parents provided that:

(a)

you make application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and

(b)

the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date.

(2)

Prior to the transfer the Escrow Agent must receive:

(a)

evidence from the trustee of the transferee plan or fund, or the trustee's agent, stating that, to the best of the trustee's knowledge, the annuitant of the RRSP or RRIF or the beneficiaries of the other registered plan or fund do not include any person or company other than you and your spouse, children and parents;

(b)

a transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer's transfer agent; and

(c)

an acknowledgement in the form of Form 5E signed by the trustee of the plan or fund.

5.6

Effect of Transfer Within Escrow

After the transfer of escrow securities within escrow, the escrow securities will remain in escrow and released from escrow under this Agreement as if no transfer has occurred, on the same terms that applied before the transfer. The Escrow Agent will not deliver any share certificates or other evidence of the escrow securities to transferees under this Part 5.

5.7

Discretionary Applications

The Exchange may consent to the transfer within escrow of escrow securities in other circumstances and on such terms and conditions as it deems appropriate.

PART 6

BUSINESS COMBINATIONS

6.1

Business Combinations

This Part applies to the following (business combinations):

(a)

a formal take-over bid for all outstanding securities of the Issuer or which, if successful, would result in a change of control of the Issuer

(b)

a formal issuer bid for all outstanding equity securities of the Issuer

(c)

a  statutory arrangement

(d)

an amalgamation

(e)

a merger

(f)

a reorganization that has an effect similar to an amalgamation or merger

6.2

Delivery to Escrow Agent

(1)

You may tender your escrow securities to a person or company in a business combination. At least five business days prior to the date the escrow securities must be tendered under the business combination, you must deliver to the Escrow Agent:

(a)

a written direction signed by you that directs the Escrow Agent to deliver to the depositary under the business combination any share certificates or other evidence of the escrow securities and a completed and executed cover letter or similar document and, where required, transfer power of attorney completed and executed for transfer in accordance with the requirements of the Issuer's depository, and any other documentation specified or provided by you and required to be delivered to the depositary under the business combination;

(b)

written consent of the Exchange; and

(c)

any other information concerning the business combination as the Escrow Agent may reasonably require.

6.3

Delivery to Depositary

(1)

As soon as reasonably practicable, and in any event no later than three business days after the Escrow Agent receives the documents and information required under section 6.2, the Escrow Agent will deliver to the depositary, in accordance with the direction, any share certificates or other evidence of the escrow securities, and a letter addressed to the depositary that

(a)

identifies the escrow securities that are being tendered;

(b)

states that the escrow securities are held in escrow;

(c)

states that the escrow securities are delivered only for the purposes of the business combination and that they will be released from escrow only after the Escrow Agent receives the information described in section 6.4;

(d)

if any share certificates or other evidence of the escrow securities have been delivered to the depositary, requires the depositary to return to the Escrow Agent, as soon as practicable, the share certificates or other evidence of escrow securities that are not released from escrow into the business combination; and

(e)

where applicable, requires the depositary to deliver or cause to be delivered to the Escrow Agent, as soon as practicable, share certificates or other evidence of additional escrow securities that you acquire under the business combination.

6.4

Release of Escrow Securities to Depositary

(1)

The Escrow Agent will release from escrow the tendered escrow securities provided that:

(a)

you or the Issuer make application to release the tendered securities under the Policy on a date at least 10 business days and not more than 30 business days prior to the date of the proposed release date; and

(b)

the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date;

(c)

the Escrow Agent receives a declaration signed by the depositary or, if the direction identifies the depositary as acting on behalf of another person or company in respect of the business combination, by that other person or company, that

(i)

the terms and conditions of the business combination have been met or waived; and

(ii)

the escrow securities have either been taken up and paid for or are subject to an unconditional obligation to be taken up and paid for under the business combination.

6.5

Escrow of New Securities

(1)

If you receive securities (new securities) of another issuer (successor issuer) in exchange for your escrow securities, the new securities will be subject to escrow in substitution for the tendered escrow securities, unless, immediately after completion of the business combination,

(a)

the successor issuer is an exempt issuer as defined in the National Policy;

(b)

the escrow holder was subject to a Value Security Escrow Agreement and is not a Principal of the successor issuer; and

(c)

the escrow holder holds less than 1% of the voting rights attached to the successor issuer's outstanding securities. (In calculating this percentage, include securities that may be issued to the escrow holder under outstanding convertible securities in both the escrow holder's securities and the total securities outstanding.)

6.6

Release from Escrow of New Securities

(1)

The Escrow Agent will send to a Securityholder share certificates or other evidence of the Securityholder's new securities as soon as reasonably practicable after the Escrow Agent receives:

(a)

a certificate from the successor issuer signed by a director or officer of the successor issuer authorized to sign

(i)

stating that it is a successor issuer to the Issuer as a result of a business combination;

(ii)

containing a list of the securityholders whose new securities are subject to escrow under section 6.5;

(iii)

containing a list of the securityholders whose new securities are not subject to escrow under section 6.5;

(b)

written confirmation from the Exchange that it has accepted the list of Securityholders whose new securities are not subject to escrow under section 6.5.

(2)

The escrow securities of the Securityholders, whose securities are not subject to escrow under section 6.5, will be released, and the Escrow Agent will send any share certificates or other evidence of the escrow securities in the possession of the Escrow Agent in accordance with section 2.4.

(3)

If your new securities are subject to escrow, unless subsection (4) applies, the Escrow Agent will hold your new securities in escrow on the same terms and conditions, including release dates, as applied to the escrow securities that you exchanged.

(4)

If the Issuer is a Tier 2 Issuer and the successor issuer is a Tier 1 Issuer, the release provisions in section 3.1(4) relating to graduation will apply.

PART 7

RESIGNATION OF ESCROW AGENT

7.1

Resignation of Escrow Agent

(1)

If the Escrow Agent wishes to resign as escrow agent, the Escrow Agent will give written notice to the Issuer and the Exchange.

(2)

If the Issuer wishes to terminate the Escrow Agent as escrow agent, the Issuer will give written notice to the Escrow Agent and the Exchange.

(3)

If the Escrow Agent resigns or is terminated, the Issuer will be responsible for ensuring that the Escrow Agent is replaced not later than the resignation or termination date by another escrow agent that is acceptable to the Exchange and that has accepted such appointment, which appointment will be binding on the Issuer and the Securityholders.

(4)

The resignation or termination of the Escrow Agent will be effective, and the Escrow Agent will cease to be bound by this Agreement, on the date that is 60 days after the date of receipt of the notices referred to above by the Escrow Agent or Issuer, as applicable, or on such other date as the Escrow Agent and the Issuer may agree upon (the "resignation or termination date"), provided that the resignation or termination date will not be less than 10 business days before a release date.

(5)

If the Issuer has not appointed a successor escrow agent within 60 days of the resignation or termination date, the Escrow Agent will apply, at the Issuer's expense, to a court of competent jurisdiction for the appointment of a successor escrow agent, and the duties and responsibilities of the Escrow Agent will cease immediately upon such appointment.

(6)

On any new appointment under this section, the successor Escrow Agent will be vested with the same powers, rights, duties and obligations as if it had been originally named herein as Escrow Agent, without any further assurance, conveyance, act or deed. The predecessor Escrow Agent, upon receipt of payment for any outstanding account for its services and expenses then unpaid, will transfer, deliver and pay over to the successor Escrow Agent, who will be entitled to receive, all securities, records or other property on deposit with the predecessor Escrow Agent in relation to this Agreement and the predecessor Escrow Agent will thereupon be discharged as Escrow Agent.

(7)

If any changes are made to Part 8 of this Agreement as a result of the appointment of the successor Escrow Agent, those changes must not be inconsistent with the Policy and the terms of this Agreement and the Issuer to this Agreement will fie a copy of the new Agreement with the Exchange.

PART 8 

OTHER CONTRACTUAL ARRANGEMENTS

8.1

Escrow Agent Not a Trustee

The Escrow Agent accepts duties and responsibilities under this Agreement, and the escrow securities and any share certificates or other evidence of these securities, solely as a custodian, bailee and agent. No trust is intended to be, or is or will be, created hereby and the Escrow Agent shall owe no duties hereunder as a trustee.

8.2

Escrow Agent Not Responsible for Genuineness

The Escrow Agent will not be responsible or liable in any manner whatever for the sufficiency, correctness, genuineness or validity of any escrow security deposited with it.

8.3

Escrow Agent Not Responsible for Furnished Information

The Escrow Agent will have no responsibility for seeking, obtaining, compiling, preparing or determining the accuracy of any information or document, including the representative capacity in which a party purports to act, that the Escrow Agent receives as a condition to a release from escrow or a transfer of escrow securities within escrow under this Agreement.

8.4

Escrow Agent Not Responsible after Release

The Escrow Agent will have no responsibility for escrow securities that it has released to a Securityholder or at a Securityholder's direction according to this Agreement.

8.5

Indemnification of Escrow Agent

The Issuer and each Securityholder hereby jointly and severally agree to indemnify and hold harmless the Escrow Agent, its affiliates, and their current and former directors, officers, employees and agents from and against any and all claims, demands, losses, penalties, costs, expenses, fees and liabilities, including, without limitation, legal fees and expenses, directly or indirectly arising out of, in connection with, or in respect of, this Agreement, except where same result directly and principally from gross negligence, willful misconduct or bad faith on the part of the Escrow Agent. This indemnity survives the release of the escrow securities, the resignation or termination of the Escrow Agent and the termination of this Agreement.

8.6

Additional Provisions

(1)

The Escrow Agent will be protected in acting and relying reasonably upon any notice, direction, instruction, order, certificate, confirmation, request, waiver, consent, receipt, statutory declaration or other paper or document (collectively referred to as "Documents") furnished to it and purportedly signed by any officer or person required to or entitled to execute and deliver to the Escrow Agent any such Document in connection with this Agreement, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained, which it in good faith believes to be genuine.

(2)

The Escrow Agent will not be bound by any notice of a claim or demand with respect thereto, or any waiver, modification, amendment, termination or rescission of this Agreement unless received by it in writing, and signed by the other Parties and approved by the Exchange, and, if the duties or indemnification of the Escrow Agent in this Agreement are affected, unless it has given its prior written consent.

(3)

The Escrow Agent may consult with or retain such legal counsel and advisors as it may reasonably require for the purpose of discharging its duties or determining its rights under this Agreement and may rely and act upon the advice of such counsel or advisor. The Escrow Agent will give written notice to the Issuer as soon as practicable that it has retained legal counsel or other advisors. The Issuer will pay or reimburse the Escrow Agent for any reasonable fees, expenses and disbursements of such counsel or advisors.

(4)

In the event of any disagreement arising under the terms of this Agreement, the Escrow Agent will be entitled, at its option, to refuse to comply with any and all demands whatsoever until the dispute is settled either by a written agreement among the Parties or by a court of competent jurisdiction.

(5)

The Escrow Agent will have no duties or responsibilities except as expressly provided in this Agreement and will have no duty or responsibility under the Policy or arising under any other agreement, including any agreement referred to in this Agreement, to which the Escrow Agent is not a party.

(6)

The Escrow Agent will have the right not to act and will not be liable for refusing to act linless it has received clear and reasonable documentation that complies with the terms of this Agreement. Such documentation must not require the exercise of any discretion or independent judgment.

(7)

The Escrow Agent is authorized to cancel any share certificate delivered to it and hold such Securityholder's escrow securities in electronic, or uncertificated form only, pending release of such securities from escrow.

(8)

The Escrow Agent will have no responsibility with respect to any escrow securities in respect of which no share certificate or other evidence or electronic or uncertificated form of these securities has been delivered to it, or otherwise received by it.

(9)

Any entity resulting from the merger, amalgamation or continuation of Computershare or succeeding to all or substantially all of its transfer agency business (by sale of such business or otherwise), shall thereupon automatically become the Escrow Agent hereunder without further act or formality. This Agreement shall endure to the benefit of and be binding upon the parties hereto and their successors and assigns.

8.7

Limitation of Liability of Escrow Agent

The Escrow Agent will not be liable to any of the Parties hereunder for any action taken or omitted to be taken by it under or in connection with this Agreement, except for losses directly, principally and immediately caused by its bad faith, wilful misconduct or gross negligence. Under no circumstances will the Escrow Agent be liable for any special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages hereunder, including any loss of profits, whether foreseeable or unforeseeable. Notwithstanding the foregoing or any other provision of this Agreement, in no event will the collective liability of the Escrow Agent under or in connection with this Agreement to any one or more Parties, except for losses directly caused by its bad faith or wilful misconduct, exceed the amount of its annual fees under this Agreement or the amount of three thousand dollars ($3,000.00), whichever amount shall be greater.

8.8

Remuneration of Escrow Agent

The Issuer will pay the Escrow Agent reasonable remuneration for its services under this Agreement, which fees are subject to revision from time to time on 30 days' written notice. The Issuer will reimburse the Escrow Agent for its expenses and disbursements. Any amount due under this section and unpaid 30 days after request for such payment, will bear interest from the expiration of such period at a rate per annum equal to the then current rate charged by the Escrow Agent, payable on demand.

PART 9 

INDEMNIFICATION OF THE EXCHANGE

9.1

Indemnification

(1)

The Issuer and each Securityholder jointly and severally:

(a)

release, indemnify and save harmless the Exchange from all costs (including legal cost, expenses and disbursements), charges, claims, demands, damages, liabilities, losses and expenses incurred by the Exchange;

(b)

agree not to make or bring a claim or demand, or commence any action, against the Exchange; and

(c)

agree to indemnify and save harmless the Exchange from all costs (including legal costs) and damages that the Exchange incurs or is required by law to pay as a result of any person's claim, demand or action, arising from any and every act or omission committed or omitted by the Exchange, in connection with this Agreement, even if said act or omission was negligent, or constituted a breach of the terms of this Agreement.

(2)

This indemnity survives the release of the escrow securities and the termination of this Agreement.

PART 10 

NOTICES

10.1

Notice to Escrow Agent

Documents will be considered to have been delivered to the Escrow Agent on the next business day following the date of transmission, if delivered by fax, the date of delivery, if delivered by hand during normal business hours or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the following:

Computershare Investor Services Inc.

510 Burrard Street, 3rd Floor

Vancouver, BC V6C 3B9

Attn: General Manager, Client Services

Fax: 604 661-9401

10.2

Notice to Issuer

Documents will be considered to have been delivered to the Issuer on the next business day following the date of transmission, if delivered by fax, the date of delivery, if delivered by hand or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the following:

San Antonio Ventures Inc.

3750 W. 49th Avenue

Vancouver, British Columbia V6N 3T8

Attn: Christopher Dyakowski

Fax: 604-687-0586

10.3

 Deliveries to Securityholders

Documents will be considered to have been delivered to a Securityholder on the date of delivery, if delivered by hand or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the address on the Issuer's share register.

Any share certificates or other evidence of a Securityholder's escrow securities will be sent to the Securityholder's address on the Issuer's share register unless the Securityholder has advised the Escrow Agent in writing otherwise at least ten business days before the escrow securities are released from escrow. The Issuer will provide the Escrow Agent with each Securityholder's address as listed on the Issuer's share register.

10.4 

Change of Address

(1)

The Escrow Agent may change its address for delivery by delivering notice of the change of address to the Issuer and to each Securityholder.

(2)

The Issuer may change its address for delivery by delivering notice of the change of address to the Escrow Agent and to each Securityholder.

(3)

A Securityholder may change that Securityholder's address for delivery by delivering notice of the change of address to the Issuer and to the Escrow Agent.

10.5 

Postal Interruption

A party to this Agreement will not mail a Document if the party is aware of an actual or impending disruption of postal service.

PART 11 

GENERAL

11.1 

Interpretation — "holding securities"

Unless the context otherwise requires, all capitalized terms that are not otherwise defined in this Agreement, shall have the meanings as defined in Policy 1.1 - Interpretation or in Policy 5.4 ­Escrow, Vendor Consideration and Resale Restrictions.

When this Agreement refers to securities that a Securityholder "holds", it means that the Securityholder has direct or indirect beneficial ownership of or control or direction over the securities.

11.2 

Enforcement by Third Parties

The Issuer enters this Agreement both on its own behalf and as trustee for the Exchange and the Securityholders of the Issuer, and this Agreement may be enforced by either the Exchange, or the Securityholders of the Issuer, or both.

11.3 

Termination, Amendment, and Waiver of Agreement

(1)

Subject to subsection 11.3(3), this Agreement shall only terminate:

(a)

with respect to all the Parties:

(i)

as specifically provided in this Agreement;

(ii)

subject to subsection 11.3(2), upon the agreement of all Parties; or

(iii)

when the Securities of all Securityholders have been released from escrow pursuant to this Agreement; and

(b)

with respect to a Party:

(i)

as specifically provided in this Agreement; or

(i)

if the Party is a Securityholder, when all of the Securityholder's Securities have been released from escrow pursuant to this Agreement.

(2)

An agreement to terminate this Agreement pursuant to section 11.3(1)(a)(ii) shall not be effective unless and until the agreement to terminate

(a)

as evidenced by a memorandum in writing signed by all Parties;

(b)

if the Issuer is listed on the Exchange, the termination of this Agreement has been consented to in writing by the Exchange; and

(c)

has been approved by a majority vote of securityholders of the Issuer excluding in each case, Securityholders.

(3)

Notwithstanding any other provision in this Agreement, the obligations set forth in section 9.1 shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent.

(4)

No amendment or waiver of this Agreement or any part of this Agreement shall be effective unless the amendment or waiver:

(a)

is evidenced by a memorandum in writing signed by all Parties;

(b)

if the Issuer is listed on the Exchange, the amendment or waiver of this Agreement has been approved in writing by the Exchange; and

(c)

has been approved by a majority vote of securityholders of the Issuer excluding in each case, Securityholders.

(5)

No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision (whether similar or not), nor shall any waiver constitute a continuing waiver, unless expressly provided.

11.4 

Severance of Illegal Provision

Any provision or part of a provision of this Agreement determined by a court of competent jurisdiction to be invalid, illegal or unenforceable shall be deemed stricken to the extent necessary to eliminate any invalidity, illegality or unenforceability, and the rest of the Agreement and all other provisions and parts thereof shall remain in full force and effect and be binding upon the parties hereto as though the said illegal and/or unenforceable provision or part thereof had never been included in this Agreement.

11.5 

Further Assurances

The Parties will execute and deliver any further documents and perform any further acts reasonably requested by any of the Parties to this agreement which are necessary to carry out the intent of this Agreement.

11.6 

Time

Time is of the essence of this Agreement.

11.7 

Consent of Exchange to Amendment

The Exchange must approve any amendment to this Agreement if the Issuer is listed on the Exchange at the time of the proposed amendment.

11.8 

Additional Escrow Requirements

A Canadian exchange may impose escrow terms or conditions in addition to those set out in this Agreement.

11.9 

Governing Laws

The laws of British Columbia and the applicable laws of Canada will govern this Agreement.

11.10

Counterparts

The Parties may execute this Agreement by fax and in counterparts, each of which will be considered an original and all of which will be one agreement.

11.11 

Singular and Plural

Wherever a singular expression is used in this Agreement, that expression is considered as including the plural or the body corporate where required by the context.

11.12 

Language

This Agreement has been drawn up in the English language at the request of all parties. Cet acte a ete redige en anglais a la demande de toutes les parties.

11.13 

Benefit and Binding Effect

This Agreement will benefit and bind the Parties and their heirs, executors, administrators, successors and permitted assigns and all persons claiming through them as if they had been a Party to this Agreement.

11.14

Entire Agreement

This is the entire agreement among the Parties concerning the subject matter set out in this Agreement and supersedes any and all prior understandings and agreements.

11.15 

Successor to Escrow Agent

Any corporation with which the Escrow Agent may be amalgamated, merged or consolidated, or any corporation succeeding to the business of the Escrow Agent will be the successor of the Escrow Agent under this Agreement without any further act on its part or on the part or any of the Parties, provided that the successor is recognized by the Exchange.

The Parties have executed and delivered this Agreement as of the date set out above. 

Remainder of page left intentionally blank.

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