Document:

Prepared by R.R. Donnelley Financial -- Supply Agreement, dated April 17, 2004

 Exhibit 10.24 
  
 [CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THIS 
 DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH 
 THE COMMISSION]

  
 April 17, 2004 
  
 Supply Agreement 
  
 for the Supply of Modules 
  
 between 
  
 SunPower Corporation 
 430 Indio Way 

Sunnyvale, CA 94085 
 USA 
  
 hereinafter called “SunPower” 
  
 and 
  

Conergy AG 
 Anckelmannsplatz 1 
 20537 Hamburg 
 Germany 
  
 hereinafter called “Conergy” 
  
 (SunPower and Conergy are hereinafter collectively referred to as the “Parties” and
individually as a “Party”) 
  
 PREAMBLE 
  
 SunPower established under the laws of the United States is a leading manufacturer for
ultra-high-efficiency silicon cells. SunPower is a subsidiary of Cypress Semiconductor Corp., USA (NYSE: CY). SunPower has recently started up production of high-efficiency solar cells, intends to further increase its production capacity and has
started to secure production capacity for solar modules. 
  
 Conergy is a company
established under the laws of Germany with the reg. no. HRB 77717 at Amtsgericht Hamburg, Germany. Conergy is one of the leading system integrators in Europe with major activities in the German market. With its subsidiaries SunTechnics, AET and
voltwerk as well as with its own brand, Conergy serves the market through distinct and well positioned brands in different sales channels. 
  
 The Parties intend to enter into cooperation to their mutual commercial benefit regarding the supply and distribution of high-efficiency solar modules, where SunPower is
a supplier of solar modules to Conergy and Conergy shall purchase solar modules from SunPower. 
  
 The Parties intend to cooperate within the area of module development. Such cooperation shall have the goal of reducing the cost of PV power delivered to the consumer, focusing on PV cost related to the solar module,
BOS components (such as mounting structures etc.) and energy output. It is the Parties’ intention that such cooperation shall be exclusive for the European market. 
  
 It is the Parties’ intention to extend the cooperation beyond the terms of this Agreement. 

			
	 	  	April 17, 2004

  

 The Parties agree as follows: 
  
 QUANTITY AND PRODUCT SPECIFICATION 
  

	1.	Conergy shall order and SunPower shall deliver in the years 200*** and 200*** solar modules with a total targeted nominal output of *** MWp according to the following terms and
conditions: 

  

	 	a.	In the year 200***: *** MWp (*** Megawatts peak) of the module type(s) as set forth in “Appendix A” (hereinafter called the “200*** volume”).

  

	 	b.	In the year 200***: *** MWp (*** Megawatts peak) of the module type(s) as set forth in “Appendix A”, and / or for module types as mutually agreed between the parties at a
later date (hereinafter called the “200*** volume”). 

  
 In addition, Conergy has the option to purchase up to an additional *** MWp of the same module type(s) as set forth in “Appendix A”, and / or for module types as mutually agreed between the parties at a
later date, for delivery in 200*** (hereinafter called the “200*** Option”). Conergy is entitled to exercise the 200*** option fully or in part by written notification to SunPower before January 31, 200*** (hereinafter called the
“200*** closing date”). 
  

	 	c.	SunPower provides Conergy and its subsidiaries the exclusive right to market and sell all products using the A-300 solar cell within the European Union through December 31, 200***,
with the following exceptions: 

  

	 	i.	*** with white back-sheet and rated output *** for off-grid markets 

  

	 	ii.	*** i.e. defined as following a) glass-glass modules b) *** with rated power *** c) *** designed for curtain wall installations only 

  

	 	iii.	Opto-electronics, consumer products and ***. 

  

	 	iv.	Modules for use in *** 

  
 For point i ii, and iv parties agree to discuss exclusivity for the German and/or European market based on business performance at a later time. For the
purposes of this agreement, the European Union is defined as countries who are full members of the EU as of March 31, 2004. 
  
 SunPower agrees to implement reasonable and customary systems to track and identify product sold outside of the EU and transshipped to customers within
the EU by 3rd parties (“grey market modules”), and to use its best efforts to resolve grey market module
issues as and when they arise. 
  

	 	d.	Laminates (frameless modules) according to specifications in “Appendix A” will be available with a lead time specified by SunPower and with a price reduction as mutually
agreed upon. If laminates are produced by SunPower and delivered to Conergy, the volume of framed modules shall be adjusted accordingly. 

  

	2.	All modules delivered under section 1 above will comply with the following minimum specification: 

  

	 	(i)	Usage of the A-300 125 x 125 mm-cell as described in Appendix B with a cell efficiency > 20% under STC (Standard Test Conditions: 1000 W/m2, 1.5 Am, 25° C cell temperature); 

  

	 	(ii)	All modules delivered will carry the label “***”; 

  
 *** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

	 	(iii)	Tolerance of actual power of -0 % (minimum factory test power of each module 3
nominal rated module output power) under Standard Test Conditions (1000 W/m2, 1.5 Am, 25° C cell temperature)
for all modules delivered; 

  

	 	(iv)	Frame configuration mutually accepted by Conergy and SunPower in writing; 

  

	 	(v)	Using solar glass with 4 mm thickness; 

  

	 	(vi)	Blue and red solar Radox wire of 4 mm2 cross
sectional area and a minimum length according to Conergy’s specification each using MC-III-connectors 

  

	 	(vii)	Junction box according to IP 65 standards with height of box less than frame height; 

  

	 	(viii)	Maximum rated system voltage of 1,000 volts and Safety-Class II certified by TÜV Rheinland for all modules delivered; 

  

	 	(ix)	A mutually agreed set of cosmetic and other manufacturing defect criteria, (sample format shown in “Appendix C”) which can be modified if both parties agree upon on the
basis of a production audit in a later time. 

  

	 	(x)	A detailed list stating all components and their specifications will be provided by SunPower before start of deliveries; 

  

	 	(xi)	Individual output data for all modules, showing Impp, Umpp, Isc, Voc and Pmpp, will be compiled in an Excel file and sent by email which will arrive latest at the time of the
modules’ arrival at either Conergy’s warehouse or Conergy’s client. During production audit at SunPower’s module factory the parties will discuss the possibilities to have the individual measurement reports in a removeable cover
on the outside of each palette. 

  

	 	(xii)	Branding, labeling and packaging of the modules and the carton as outlined in “Appendix G” will be mutually agreed upon by the parties at no additional costs other than
those outlined in section 10 of this Agreement. 

  

	3.	All modules delivered under this Agreement will be tested and certified under IEC 61215 and “Safety class II” of German TÜV Rheinland before start of deliveries. An
extension of the certificates for each module chosen by Conergy will be provided by SunPower. 

  

	4.	SunPower grants (i) an output warranty of 25 years at 80 % and 12 years at 90 % of the rated module power and (ii) a product warranty (freedom of defects in materials and
workmanship) of 10 years as set forth in “Appendix D”, SunPower’s standard warranty statement. 

  

	5.	The Parties realize that product quality is regarded as a critical factor for success in the market. The Parties thus agree to focus on this issue in order to deliver the right
product to the end customer: 

  

	 	a.	Before the start of deliveries, SunPower will provide Conergy with a copy of its calibration and module output test QA procedure. This calibration procedure shall be based on the
measurements of Fraunhofer ISE, Freiburg, Germany, or on another mutually agreed primary international test laboratory. 

  

	 	b.	SunPower will conduct a round robin test with standard modules as described in Appendix A including Fraunhofer ISE, Freiburg, German TÜV and other international test
laboratories. The results of this round robin test will be shared with Conergy. 

  

	 	c.	Quality check criteria and procedures will be developed jointly between the Parties, and implemented during production start-up in May/June 200***. SunPower shall produce and ship
modules only according to agreed criteria. Conergy shall without unnecessary delay inform SunPower of any issues related to quality and transportation resulting in non-conformity of agreed specification and quality check criteria.

  
 *** CONFIDENTIAL MATERIAL
REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 TERMS OF DELIVERY AND SHIPMENTS 
  

	6.	Shipments in 200*** shall be made as from July ***, 200*** until December ***, 200*** in accordance with section 1 a. 

  
 Shipments in 200*** shall be made between January ***, 200*** and December
***, 200*** in accordance with section 1 b. 
  

	7.	Monthly forecast: On the 15th of each month, a
three month rolling-forecast shall be provided by Conergy to SunPower to secure the production in the said period. All quantities for the month x+1 (e.g. April if the forecast has been provided on March 1) are regarded as fixed quantities and
hereinafter referred to as a firm delivery commitment if delivery of such volume is confirmed in writing by SunPower. 

  

	8.	Basis of any delivery is a written call-purchase-order of Conergy sent to SunPower by fax. SunPower shall confirm the purchase order by a written fixed order acknowledgement,
including volumes to be delivered and delivery dates, sent by fax (+49 6897 8106 ***) to Conergy within 5 working days after the receipt of the purchase order. 

  
 PRICES, ADJUSTMENTS AND FINANCIAL CONDITIONS 
  

	9.	The price for modules supplied under this contract shall be *** €/Wp (*** Euros per watt peak) during 200*** and *** €/Wp (*** Euros per watt peak) for the 200*** volume.

  

	10.	For the 200*** Option the parties will discuss the price before the 200*** closing date (as defined under point 1 of this agreement). 

  

	11.	All prices and deliveries under this Agreement will be made FCA SunPower factory located in *** with a minimum individual shipment volume of *** kWp. 

  

	12.	Should at any time during the validity of this contract any competing standard module with equivalent technical specifications (e.g. > 180 watt rated power, IEC 61215, Safety
class II certification, etc.) and higher gross module efficiency become commercially available on the European market, Conergy may request that SunPower reduce module price by *** €/Wp. If SunPower agrees, all other conditions of this agreement
shall continue. If SunPower refuses, Conergy has the option to cancel the agreement with 180 day notice, but shall honor firm delivery commitments then in place as described in sections 8 and 9. 

  

	13.	Conergy shall pay all invoices at the latest *** after the date of shipment from SunPower factory located in Germany. If payment is received by SunPower’s bank within *** after
the date of shipment a cash rebate of *** % of the invoice total may be taken and deducted from outstanding payments by Conergy. 

  
 PENALTIES 
  

	14.	In the event of delayed shipment of more than *** calendar days beyond the shipment date confirmed by SunPower, SunPower shall pay to Conergy a penalty as follows:

  

	 	a.	If the delay was communicated to Conergy at least *** prior to the confirmed shipment date, a penalty of *** Euro/Wp/*** as from shipment should have taken place until shipment
takes place. The penalty on one purchase order shall in any event not exceed *** Euro/Wp (equivalent to *** penalty). 

  
 *** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

	 	b.	If the delay is communicated less than *** but more than *** before the confirmed shipment date, the penalty shall increase to *** Euro/Wp/***. The maximum penalty shall increase
correspondingly to *** Euro/Wp. 

  

	 	c.	If the delay is communicated less than *** before the confirmed shipment date, the penalty shall increase to *** Euro/Wp/***. The maximum penalty shall increase correspondingly to
*** Euro/Wp. 

  
 When determining penalties as
outlined in c above, a grace period of *** shall be included to allow for delays that are proven to be caused by events and actions outside the control of SunPower (e.g. delay of trucks etc.). 
  
 Delivery of modules not complying with the mutually agreed specifications in
section 2 and Appendix A shall be regarded as delayed delivery as defined in section 16a. 
  
 However if such non-compliance relates to non-critical defects Conergy can decide to be compensated by obtaining reduced prices for these modules. In this case the penalty will not apply in addition. 
  
 Any claims and payments due in subsection a-c above shall be properly
documented by Conergy and may, once agreed upon between the Parties, be directly deducted by Conergy from any invoiced amount due. 
  

	15.	In the event of delayed payment by more than *** days after the date at which payment is due, Conergy shall pay SunPower a late penalty as follows: 

  

	 	a.	If Conergy pays an invoice *** after receipt of merchandise, an interest-rate of *** % for the *** will be charged separately by SunPower. 

  

	 	b.	If Conergy pays an invoice *** after receipt of merchandise, an interest-rate of *** % for *** will be charged separately by SunPower. 

  

	 	c.	If payment is not received by SunPower’s bank within *** after the date of shipment, SunPower shall have the right to stop all further deliveries until payment has been made or
the parties have agreed to an alternative resolution. 

  

	16.	If the product volume delivered to Conergy in 200*** under a mutually agreed delivery schedule as defined in sections 7 and 8 is less than *** MWp Conergy will receive at the end of
200*** a price rebate of *** % for all volumes purchased to compensate its marketing efforts. 

  

	17.	If (i) the original IEC and Safety class certificates as defined in point 3 are not issued before August 31, 200*** or/and (ii) the related OEM certificates are not issued before
September 30, 200***, Conergy is entitled to reduce all invoices received under this Agreement by *** % as a security-discount for all delivered modules by direct reduction of amounts due. This security-discount will be paid back without
unreasonable delay at the time the documents are issued. 

  
 CANCELLATION 
  

	18.	If the documents as defined in point 3 are not supplied within a period of *** months after the start of delivery Conergy (i) is allowed to cancel the contract, (ii) can make all
delivered modules available to the supplier at their present location, and (iii) will be credited by SunPower for the original purchase price. 

  
 *** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

	19.	Before the 200*** closing date the parties agree to discuss prices and volumes for the 200*** option as defined under points 1 and 10 in order to secure the exclusivity as stated
under point 1c. If (i) the 200*** option agreed by Conergy before the 200*** closing date is below *** MWp and (ii) the parties cannot agree to maintain the exclusivity of this contract on the basis of a reduced total volume for 200***, then
SunPower is entitled to cancel the exclusivity of this contract with a written pre-notification of 90 days. In the event that SunPower decides to cancel exclusivity as described in points i and ii above, the parties agree that there shall be two
distinct phases of such cancellation. In the first phase, SunPower may cancel Conergy’s exclusive rights to sell product in ***. The parties will then negotiate in good faith a reduced 200*** option volume and/or price that Conergy must meet to
preserve their exclusive sales rights within ***. In the event that the parties cannot agree on a reduced 200*** option volume or price for the *** market, SunPower may decide to cancel Conergy’s exclusive sales rights within ***. In this case
SunPower will be free to sell products without limitation in ***, except that SunPower agrees hereby not to sell modules of the same configuration sold to Conergy to other customers through December 31, 200***. In any case the other contract terms
and conditions will continue to be valid. 

  

	20.	Should Conergy determine that the (i) reputation of the supplier or (ii) commercial conditions in the market place (i.e. change of the German EEG law etc.) do not allow the
marketing of modules as anticipated by this contract Conergy may request in writing to modify the minimum volume targets and prices set forth in sections 1 and 9. In this event the parties agree to negotiate in good faith a mutually acceptable
modification to this agreement (i.e. adjustment of price and quantities). If a mutually acceptable contract modification cannot be reached within 30 days of Conergy’s written notice, the parties agree that the contract shall be cancelled with a
notice of 180 days. During this 180 day time period the provisions of the original contract shall be maintained in force. As adverse conditions covered by point (i) qualify, inter alia, prolonged technical deficiencies, quality problems (especially
continued problems to fulfil the technical standards as Appendix C. As adverse conditions covered by point (ii) qualify, inter alia, the direct delivery by SunPower of PV modules covered under the exclusivity provisions of this agreement to any
other customer in ***. 

  

	21.	The parties understand and agree that final module power specification will be determined following sample testing at NREL, TÜV and/or Fraunhofer ISE. This testing will take
place during April 200***. For a period of 10 days after the officially handout of test results from SunPower to Conergy, in the event that the resultant module power specification is considered unacceptable (e.g. average module efficiency is below
*** %) by either party to fulfill the objectives of this agreement, either party may cancel the agreement by four weeks written notice. 

  

	22.	SunPower agrees to grant Conergy an option with respect to continuation of exclusive sales rights stipulated in section 1c for periods beyond December ***, 200***. This option is
contingent on the parties reaching mutually agreeable commercial terms for the extension of such exclusivity. The parties agree to meet on or around June ***, 200*** to discuss such extension of exclusive sales rights beyond 200***.

  

	23.	Conergy may by a ***(***) weeks written notice to SunPower unilaterally terminate this Agreement only upon one or more of the following events: 

  

	 	a.	SunPower fails to achieve the IEC Certification (as set forth under section 3. and 18.) within the *** month period stipulated in section 18, or 

  

	 	b.	SunPower fails (i) to provide Conergy with a copy of its calibration and module output test QA procedure as stipulated in section 5a prior to start of product supply, or

  
 *** CONFIDENTIAL MATERIAL
REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

	 	c.	the module power rating as determined by independent laboratory testing is considered unacceptable by Conergy as stipulated in section 21. 

  

	24.	The parties will aim to harmonize production and demand situation in good faith. As minimum delivery quantity the parties define in Q*** 200*** ***%, in Q*** 200*** ***%, in Q***
200*** ***% and in Q*** 200*** ***% of the 200*** quantity, as shown in the following table under the heading “Minimum Target”. If Conergy places in any one quarter orders for delivery of less than ***% of the minimum target quantity
within the quarter (shown in the table below as “Threshold Volume”) SunPower may unilaterally cancel Conergy’s exclusivity provisions or sales rights. In this case SunPower will be free to sell products without limitation in ***,
except that SunPower agrees hereby not to sell modules of the same configuration sold to Conergy to other customers through December ***, 200***. The other contract terms and conditions will continue to be valid. The parties agree to negotiate any
eventual delivery schedule pertaining to the 200*** option on or around the 200*** closing date. 

  

									
	 Delivery Period

	 	 ***

	 	 ***

	 	 ***

	 	 ***

	 Minimum Target
	 	 *** MW
	 	*** MW	 	*** MW	 	*** MW
	 Threshold Volume
	 	 *** MW
	 	*** MW	 	*** MW	 	*** MW

  

	25.	Cancellation of this agreement for any reason will eliminate any exclusive sales rights granted by SunPower to Conergy. 

  
 NON-DISCLOSURE 
  

	26.	The parties agree to execute a mutually acceptable non-disclosure agreement governing the treatment of proprietary information before April ***, 200***. 

  

	27.	Prior to the execution of the NDA referenced in section 26 and finalization of the co-branding agreement stipulated in section 29, the parties agree not to release to any
3rd parties any information relating to the existence or details of this agreement except by mutual written
agreement. 

  
 OTHER REGULATIONS 
  

	28.	A mutually agreeable milestone plan for product launch will be defined as outlined as Appendix E. 

  

	29.	The parties will coordinate their marketing activities in the best way to promote the products of SunPower to be sold through Conergy into the European market, and agree to
implement a mutually agreeable co-branding program prior to May ***, 200***. 

  

	30.	Representatives 

  

			
	 Conergy AG
	 	 SunPower

	 CEO: Hans-Martin Rüter
	 	 CEO: Tom Werner

	 Director: Thomas-Tim Sävecke
	 	 VP Sales: Peter Aschenbrenner

	 Purchasing: Monika Leiner
	 	 Key-Account Manager: Jörn Jürgens

  

	31.	Once a year (for the first time in April 2004) or after major quality problems have occurred, experts from Conergy will be allowed and fully supported to conduct a production audit
at SunPower’s module production facilities in order to (i) detect probable quality problems, (ii) define an extended minimum technical standard of products if necessary (Appendix B) and (iii) propose steps to avoid quality problems.

  

	32.	Conergy is allowed to arrange for production visits for a reasonable number of its main customers. 

  
 *** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

	33.	This Agreement replaces all previous contracts, Agreements and communication between the Parties. 

  

	34.	If a provision of this Agreement proves to be ineffective in full or in part, this shall not affect the validity of the other provisions. In such a case, the Parties undertake to
replace the ineffective provision by an effective provision matching the economic purpose of the ineffective provision as closely as possible. 

  

	35.	Force Majeure. Conergy and SunPower shall not be liable for any failures to comply with its obligations under this Agreement due to Force Majeure. By way of example, but not by way
of limitation, the causes of Force Majeure could be: war, civil disturbance, fire, floods, earthquakes and any other natural event of an exceptional nature and strike as well as changes in legislation and law. A Force Majeure event must be
immediately reported to the other Party and duly documented. In any case, events of Force Majeure must always be reported to the other Party in writing together with appropriate documentary evidence within 15 days of the occurrence of the event. If
the Force Majeure event should continue beyond 30 days, then the Parties shall meet to agree on how to proceed or on whether to suspend or cancel the Agreement. The Parties undertake to re-establish the performance of the Agreement with all
technically and economically reasonable means. 

  

	36.	This Agreement shall be construed and enforced in accordance with the laws of the state of New York, USA. Any disputes arising hereunder shall be submitted to non-binding
arbitration in accordance with the Arbitration rules of the International Chamber of Commerce. Arbitration will be held in London, UK and conducted in English. Prior to the institution of arbitration, a party alleging a dispute shall send a written
notice to the other party describing the dispute. Within ten days of receipt of the notification, the non-alleging party shall initiate a procedure by which the managers of both parties shall, in good faith, negotiate a resolution of the dispute. If
the dispute is not settled within sixty (60) days of the initial written notice, a party may initiate arbitration proceedings. Notwithstanding any provision herein, a party shall have the right to seek injunctive or other equitable relief in a court
of competent jurisdiction. 

  

					
	 Hamburg, 17.04.2004
	 	 	 	Sunnyvale, 17.04.2004
			
	 Conergy AG
	 	 	 	SunPower
			
	 /s/ Hans-Martin Rüter
	 	 	 	 /s/ Peter C. Aschenbrenner

	 Hans-Martin Rüter, CEO
	 	 	 	 Peter C. Aschenbrenner

	 	 	 	 	 Vice President, Sales & Marketing

  

					
			
	 /s/ Thomas-Tim Sävecke*
	 	 	 	  
	 Thomas-Tim Sävecke, Director
  
 *  by power of attorney
	 	 	 	 

  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 APPENDIX A: Data sheet and specification 
  
 Preliminary technical specifications of SunPower 72 cell module: 
  
 Solar Cells: 72 x SunPower A-300 
 Strings:        6 strings of 12 cells each, laminate edge gap 16mm 
  
 Electrical specificationa 
  

					
	Voc:	  	47.9 V	 	preliminary
	Isc:	  	5.6 A	 	preliminary
	Vmp:	  	40.3 V	 	preliminary
	Imp:	  	5.2 V	 	preliminary
	Pmp:	  	210 V	 	preliminary
			
	Voltage:	  	-1.9mV /°C	 	preliminary
	Current:	  	-0.35% /°C	 	preliminary

  
 Module specifications

  

			
	Glass:	  	***, 4mm thickness
	Backsheet:	  	*** TPE, black, 1000 Vdc proof
	J-box:	  	*** Junction box, IP65, 1000 Vdc proof
	Diodes:	  	3 x IR 80sq045 shottky diode
	Wire:	  	Huber&Suhner Radox 4mm2, length
1000mm
	Connectors:	  	Multi-Contact type MC-KST3 and MC-KBT3
		
	Size:	  	1558 x 798 x 30 mm
	Frame:	  	*** aluminum frame (black anodized)
	 	  	Or mutual agreeable alternative

  
 *** frame profile : 
  
 

 
  

			
	Weight:	  	about 17kg (exact weight to be determined)
		
	Certification:	  	modules to be certified according to IEC61215 and SKII, 1000 Vdc
		
	Drawings:	  	see next page
		
	Graphic:	  	Engineering Schematic

  
 ***
CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	 Supply Agreement between SunPower and Conergy
	  	April 17, 2004

  

 

 
  
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 APPENDIX B: Data sheet and specification of the A-300 solar cell 
  

							
	 	  	[SunPower Logo]	  	 
	 	  	 A-300
 Single-Crystal Silicon
Solar Cell
	  	 
			
	A-300 Cell Performance – Typical I-V Curve	  	Construction:	  	All-back contact
	 	  	Dimensions:	  	125 mm x 125 mm – normal
	 	  	Thickness:	  	250 μm ± 30μm
	[graph]	  	 	  	 	  	 
	 	  	Typical Electrical Performance	  	 
	 	  	Open Circuit Voltage:	  	 	  	0.665 V
	 	  	Short Circuit Current:	  	5.75 A	  	 
	 	  	Maximum Power Voltage:	  	.560 V	  	 
	 	  	Maximum Power Current:	  	5.35 A	  	 
	 	  	Rated Power:	  	3.0 W	  	 
	 	  	Efficiency:	  	 	  	20.0% minimum
			
	 	  	Temperature Coefficients	  	 
	 	  	Voltage:	  	-1.9 mV /oC	  	 
	 	  	Power:	  	-0.38 % /oC	  	 
	Voltage (V)	  	 	  	 	  	 
	 	  	Attributes	  	 	  	 
			
	 Cell Backside View
 (Dimensions in mm)
  
 [cell
graphic]
	  	 •      High efficiency reduces module assembly and system
installation costs
  
 •      Uniform front appearance—no contact grid
  
 •      Back contact design simplifies circuit assembly
  
 •      Lower
temperature coefficient improves energy delivery
	  	 
			
	 	  	Packaging	  	 
			
	 	  	 •      Cells are packed in boxes of 250 each grouped in
shrink-wrapped stacks of 50 with interleaving
  
 •      Ten boxes are packed in a water-resistant “Master Carton” containing 2,500 cells suitable for air transportation
  
 •      Master Cartons are permanently labeled with cell tracking
information and date of manufacture
	  	 

  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 APPENDIX C: Minimum technical standard 
  
 The Parties shall jointly develop a detailed Product Qualification and Quality Reporting, and agree on the detailed description of quality
standards and defects. Defects shall jointly be described and classified related to severity. 
  
 Based on the above and the production audit to be carried out by Conergy in April-2004 a detailed Product Qualification and Quality Reporting will be set up and attached to this Agreement. 
  
 Modules delivered under this Agreement will according to the minimum technical standard not
be allowed to show one of the following (draft) defects. 
  

			
	 CODE

	  	 DRAFT DESCRIPTION OF INTOLERABLE DEFECTS

	 A
	  	***
	 B
	  	***
	 C
	  	***
	 D
	  	***
	 E
	  	***
	 F
	  	***
	 G
	  	***
	 H
	  	***
	 I
	  	***
	 J
	  	***
	 K
	  	***
	 N
	  	***
	 O
	  	***
	 P
	  	***
	 R
	  	***
	 S
	  	***
	 T
	  	***

  
 ***
CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 APPENDIX D: Output and Product Warranty 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 APPENDIX E: Action and milestone plan 
  
 See Next Page 
  
 * * * 
  
 *** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 APPENDIX F: Branding and labeling 
  

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	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 Appendix 
 to the 
 Supply Agreement 
 for the Supply of Modules 
  
 between 
  
 SunPower Corporation 430 Indio Way 
 Sunnyvale, CA 94085 USA 
  
 hereinafter called “SunPower” and 
  
 Conergy AG 
 Anckelmannsplatz 1 20537 Hamburg 
 Germany

  
 hereinafter called “Conergy” 
  
 (SunPower and Conergy are hereinafter collectively referred to as the “Parties” and
individually as a “Party”) 
  
 Further to what is set forth in the
Supply Agreement dated and signed April 17, 2004 the parties agree as follows: 
  

	 	1.	SunPower will *** in October 200*** (delivery of *** kWp until December 15, 200***) and the actual deliveries of *** kWp for the same period. Such *** will be effected by reducing
the price of the first ***kW (the “compensation volume”) of product delivered in 200*** as shown below: 

  

					
	 	  	 200***-Price

	  	 Price for compensation volume (***%)

	STM 210 F	  	*** /Wp	  	*** /Wp
	STM 210/5 F	  	*** /Wp	  	*** /Wp
	STM 190F/5/W	  	*** /Wp	  	*** /Wp
	STM 200 F	  	*** /Wp	  	*** /Wp
	STM 200/5 F	  	*** /Wp	  	*** /Wp

  

	 	2.	The baseline delivery volume for 200*** will be *** MWp as shown in the table below. A volume is defined as delivered once it is provided to Conergy FCA SunPower’s factory in
Germany. The related deliveries will take place between January and December 15, 200***. In the event that Sunpower is unable to deliver the target Q***-Q*** module volume, Conergy shall have the option of purchasing A-300 solar cells in equivalent
volume at a price to be negotiated in good faith. 

  

			
	 200*** Period

	  	 MW Module Delivery

	Q1	  	***
	Q2	  	***
	Q3	  	***
	Q4	  	***

  

	 	3.	The target volume for Q*** is *** modules. In the event that air-freighting of laminates from China is necessary to achieve this delivery volume, SunPower agrees to share ***% of
the incremental air-freight expense up to a total contribution of €***. 

  

	 	4.	The price for the baseline volume (excluding the “compensation volume” under paragraph 1) will be at *** €/ Wp. 

  

	 	5.	The parties agree to a bi-directional price incentive relating to total 200*** volume supply. Products supplied in addition to the baseline 200*** supply volume will be invoiced at
an *** cent / watt premium over the baseline price. In the event that the actual total 200*** supply volume is less than *** MW (as defined by mutually agreed accounting of 200*** product delivery) SunPower will reimburse Conergy for the

  
 *** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE
COMMISSION. 
  

 1/2 

			
	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 shortfall in the form of a true-up payment to be made in January of 200***. The true-up payment may
be deducted from invoices coming due in January 200***. The true-up will be calculated on the basis of *** cents per watt for each watt that the actual total 200*** product supply is less than *** MW, up to a limit of €***. The limit of
€*** will not apply if the total 200*** supply quantity to Conergy is less than ***% of SunPower’s actual 200*** total production volume (in module equivalent terms). 
  

	 	6.	The attached Quality-Specification is binding for all deliveries taking place from January 01, 200***. Any module or amounts delivered being outside of such specification and/or
showing either one of the non-tolerable defects will be rejected and regarded as not delivered unless Conergy has given written approval to any such deviation. 

  

	 	7.	For all modules *** product-specification of the STM 210F, STM 200F, and STM200FW, Conergy will receive a first-pick-option on a monthly basis on a mutually acceptable pricing
schedule to be defined. 

  

	 	8.	The parties agree that modules made completely in *** may be supplied in place of modules finished in ***. 

  

	 	9.	Conergy agrees to waive their option for an additional *** MW of product as specified in section 1b of the supply agreement. 

  

	 	10.	Conergy and SunPower intend to negotiate in good faith to grant SunPower the exclusive rights on the complete *** rights. 

  

	 	11.	All other stipulations of the Supply Agreement dated and signed April 17, 2004 will remain valid. 

  

					
	 Hamburg, January 31, 2005
	 	 	 	 Hamburg, January 31, 2005

			
	 Conergy AG
	 	 	 	 SunPower

			
	 /s/ Angiolo Laviziano
	 	 	 	 /s/ Peter C. Aschenbrenner

	 Angiolo Laviziano
	 	 	 	 Peter C. Aschenbrenner

	 Board Member
	 	 	 	 Vice President, Sales & Marketing

			
	 /s/ Thomas-Tim Sävecke
	 	 	 	 
	 Thomas-Tim Sävecke
	 	 	 	 
	 Director * by power of attorney
	 	 	 	 

  
 ***
CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 
  

 2/2 

			
	Supply Agreement between SunPower and Conergy	  	April 17, 2004

  

 Second Appendix 
 to the 
 Supply Agreement 
 for the Supply of Modules 
  
 between 
  
 SunPower Corporation 
 430 Indio Way 
 Sunnyvale, CA 94085 
 USA 
  
 hereinafter called “SunPower” 
  
 and 
  
 Conergy AG 
 Anckelmannspiatz 1 
 20537 Hamburg 
 Germany 
  
 hereinafter called “Conergy” 
  
 (SunPower and Conergy are hereinafter collectively referred to as the “Parties” and
individually as a “Party”) 
  
 Further to what is set forth in the
Supply Agreement dated and signed April 17, 2004 and the Appendix to this Supply Agreement dated and signed February 01, 2005 the parties agree as follows: 
  

	 	1.	From Q***-0*** onwards, SunPower will ship STM modules to Conergy in ocean freight containers on a regular basis from ***, ***. Shipments of 40’ containers will take place on a
weekly basis according to the agreed Q*** shipping plan and for all further deliveries, subject to full container loads. 

  

	 	2.	Conergy will provide purchase orders for each container shipment according to the shipping plan with showing shipping terms: “FCA ***” on the purchase order. The freight
forwarder of Conergy’s choice will provide the container for loading the modules in time and pick up the container from the loading dock in China upon request of SunPower. 

  

	 	3.	The actual baseline pricing for shipments CFA to Conergy is set at *** €/Wp for A/class and *** €/Wp for B/class modules. For compensation of the transportation cost from
*** to a sea port in Europe (including insurance), a price of *** €/Wp will be deducted from the baseline price. In the following, Conergy will take over responsibility for all shipments from *** loading dock to the Conergy warehouse.

  
 *** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE
COMMISSION. 
  

 1/2 

			
	Appendix to the Supply Agreement between SunPower and Conergy	  	02/02/2005

  

	 	4.	The pricing mentioned in (3) is translated into the following pricing table: 

  

Conergy pricing table Q*** -200*** 
  

											
	 Modules shipped FCA *** by ocean to Conergy

	  	***/class pricing

	 actual module type

	  	Wp

	  	price/Wp

	  	price/pc

	  	price/WP

	  	price/pc

	 STM 210 F
	  	210	  	***€	  	***€	  	***€	  	***€
	 STM 200 FW
	  	200	  	***€	  	***€	  	***€	  	***€
	 STM 190 FW
	  	190	  	***€	  	***€	  	***€	  	***€
	 STM 210 FB
	  	210	  	***€	  	***€	  	***€	  	***€
	 STM 200 F
	  	200	  	***€	  	***€	  	***€	  	***€
	 STM 190 FB
	  	190	  	***€	  	***€	  	***€	  	***€

  

	 	5.	Modules shipped to Conergy in 40” containers will be palletized. Each container will hold about 420 modules 

  

	 	6.	In order to minimize shipping cost, SunPower will carry out a test shipment within Q*** in order to prove, that the method of hand stacking the container and palletizing on site at
the European port will save significant cost. SunPower will organize the whole shipment and monitor the first hand stacking action for quality assurance purposes. In the case that shipping cost will be significantly reduced by this method and
modules will arrive palletized at the Conergy warehouse in good shape, Conergy agrees to re-adjust pricing upon the possible change or the shipping method. 

  

	 	7.	The original payment terms of *** shall be corrected to *** in order to accommodate the time of shipping on the water. 

  

	 	8.	All other stipulations of the Supply Agreement dated and signed April 17, 2004 and the Appendix to this Supply Agreement dated and signed February 01, 2005 will remain valid and
unchanged. 

  

					
	 Hamburg, May 12, 2005
	 	 	 	 Hamburg, May 12, 2005

			
	 Conergy AG
	 	 	 	 SunPower Corp.

			
	 /s/ Thomas-Tim Savecke*
	 	 	 	 /s/ Peter C. Aschenbrenner

	 Thomas-Tim Savecke
	 	 	 	 Peter C. Aschenbrenner

	 Director
	 	 	 	 Vice President, Sales & Marketing

			
	 *  by power of attorney
	 	 	 	 
			
	 /s/ Edmund Stassen
	 	 	 	  
	 Dr. Edmund Stassen
	 	 	 	 
	 Board
	 	 	 	 

  
 *** CONFIDENTIAL MATERIAL REDACTED AND
SEPARATELY FILED WITH THE COMMISSION. 
  

 2/2Convertible Promissory Note of the Company

 Exhibit 4.1 
  

THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES THAT MAY BE ACQUIRED PURSUANT TO THIS CONVERTIBLE PROMISSORY NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THIS CONVERTIBLE PROMISSORY NOTE AND SUCH OTHER SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF A REGISTRATION STATEMENT AND LISTING APPLICATION IN EFFECT WITH RESPECT TO THIS CONVERTIBLE PROMISSORY NOTE OR SUCH OTHER SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAW, OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND LISTING ARE NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION. 
  
 CONVERTIBLE PROMISSORY NOTE 
  

			
	US $500,000	 	As of July 25, 2005

  
 FOR VALUE RECEIVED,
E-centives, Inc., a Delaware corporation (the “Company”), having an address of 6901 Rockledge Drive, 6th Floor, Bethesda, Maryland 20817, hereby promises to pay to the order of Venturetec, Inc. (the “Holder”), at the offices of Holder at c/o Friedli Corporate Finance, Freigutstrasse 5, 8002 Zürich, or such
other place as may be designated by Holder to the Company in writing, the aggregate principal amount of Five Hundred Thousand U.S. Dollars (US $500,000) together with accrued unpaid interest on the unpaid principal amount hereof, upon the
terms and conditions hereinafter set forth. 
  
 1.      Payment Terms. The Company promises to pay to Holder the balance of Principal, together with accrued unpaid interest, on October 31, 2005, unless this Note is earlier prepaid as
herein provided or earlier converted into Series C preferred stock, par value US $0.01 per share, of the Company (the “Series C Preferred Stock”) pursuant to Section 3 hereof. All payments hereunder shall be made in
lawful money of the United States of America. Payment shall be credited first to the accrued interest then due and payable and the remainder to Principal. 
  
 2.      Interest. Interest on the outstanding portion of Principal of this Note shall accrue at a rate of ten percent
(10%) per annum. All computations of interest shall be made on the basis of a 365-day year for actual days elapsed. Such interest shall be paid in arrears on the last business day of each successive one year anniversary of the date of this
Note. 
  
 3.      Conversion of this Note. 
  
 (a)    Conversion. This Note shall be convertible into shares of Series C Preferred Stock at any time by the Holder at the Note Conversion Rate (hereinafter defined) as hereinafter provided.
The conversion price will be US $4.00 per share of Series C Preferred Stock (the “Note Conversion Rate”). The number of shares of Series C Preferred Stock to which the Holder shall be entitled upon such conversion shall be equal to the
product of: the aggregate principal amount outstanding under this Note at the time of such conversion, together with accrued unpaid interest, divided by the Note Conversion Rate. 
  
 (b)    Conversion Calculations: No Fractional Shares. Conversion calculations pursuant to this
Section 3 shall be rounded to the nearest whole share of Series C Preferred Stock, and no fractional shares 

  

 1 

 
shall be issuable by the Company upon conversion of this Note. Conversion of this Note shall be deemed payment in full of this Note and this Note shall
thereupon be cancelled. 
  
 4.      Subordination. The indebtedness evidenced hereby is subordinate in right of payment to all existing and future bank indebtedness, including lease and equipment finance obligations, as well as all
other indebtedness designated as superior to that contemplated herein. The indebtedness represented hereby is senior in right of payment to all classes and series of the Company’s capital stock. The indebtedness represented hereby is pari passu
with any and all convertible debt securities issued by the Company. 
  
 5.      Redemption. This Note may be redeemed by the Company at any time by payment of the entire principal and interest outstanding under this Note in cash to Holder. 
  
 6.      Representations and Warranties of the Company.
The Company represents and warrants to Holder as follows: 
  
 (a)    The execution and delivery by the Company of this Note (i) are within the Company’s corporate power and authority, and (ii) have been duly authorized by all necessary corporate action. 

 
 (b)    This Note is a legally binding obligation of
the Company, enforceable against the Company in accordance with the terms hereof, except to the extent that (i) such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting
generally the enforcement of creditors’ rights and (ii) the availability of the remedy of specific performance or in injunctive or other equitable relief is subject to the discretion of the court before which any proceeding therefore may
be brought. 
  
 7.      Representations,
Warranties and Covenants of Holder. Holder represents and warrants to the Company, and agrees, as follows: 
  
 (a)    This Note and any Series C Preferred Stock issuable upon conversion of this Note and any shares of Common Stock, par value
$0.01 per share, of the Company issued upon conversion of the Series C Preferred Stock (the “Common Stock” and, together with this Note and the Series C Preferred Stock, the “Securities”) are being acquired by Holder for its own
account for investment and not with a view to, or for sale in connection with, any distribution thereof. 
  
 (b)    Holder is an “accredited investor” within the meaning of Rule 501 under the Securities Act. 
  
 (c)    Holder has sufficient knowledge and experience in
financial and business matters and is capable of evaluating the risks and merits of Holder’s investment in the Company; Holder has been provided all necessary and appropriate information about the Company to make an informed investment decision
with respect to this Note; has been provided the opportunity to make all necessary and appropriate inquiries of the Company regarding Company’s business and associated risks, and Company has complied with all such requests; and Holder is able
financially to bear the risk of losing Holder’s full investment in this Note. 
  
 (d)    Holder understands that none of the Securities have been registered under the Securities Act or registered or qualified under any the securities laws of any state or other jurisdiction, are
“restricted securities,” and cannot be resold or otherwise transferred unless they are registered under the Securities Act, and registered or qualified under any other applicable securities laws, or an exemption from such registration and
qualification is available. Prior to any proposed transfer of any Securities, 

  

 2 

 
Holder shall, among other things, give written notice to the Company of its intention to effect such transfer, identifying the transferee and describing the
manner of the proposed transfer and, if requested by the Company, accompanied by (i) investment representations by the transferee similar to those made by Holder in this Section 7 and (ii) an opinion of counsel satisfactory to
the Company to the effect that the proposed transfer may be effected without registration under the Securities Act and without registration or qualification under applicable state or other securities laws. Each certificate for any Securities shall
bear the following legend: 
  
 THE SHARES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAW. THE SHARES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER SUCH ACT AND ANY
APPLICABLE STATE SECURITIES LAW, (II) A “NO ACTION” LETTER OF THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH SALE OR OFFER, OR (III) AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE CORPORATION THAT REGISTRATION UNDER
SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAW IS NOT REQUIRED WITH RESPECT TO SUCH SALE OR OFFER. 
  
 8.      Use of Proceeds. The proceeds received by the Company from the sale of this Note shall be used by the Company for working capital or other general corporate purposes.

  
 9.      No Waiver in Certain
Circumstances. No course of dealing of Holder nor any failure or delay by Holder to exercise any right, power or privilege under this Note shall operate as a waiver hereunder and any single or partial exercise of any such right, power or
privilege shall not preclude any later exercise thereof or any exercise of any other right, power or privilege hereunder. 
  
 10.      Certain Waivers by the Company. Except as expressly provided otherwise in this Note, the Company and every endorser or
guarantor, if any, of this Note waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, and assent to any extension or postponement
of the time of payment or any other indulgence, to any substitution, exchange or release of collateral available to Holder, if any, and to the addition or release of any other party or person primarily or secondarily liable. 
  
 11.      No Unlawful Interest. Notwithstanding anything
herein to the contrary, payment of any interest or other amount hereunder shall not be required if such payment would be unlawful. In any such event, this Note shall automatically be deemed amended so that interest charges and all other payments
required hereunder, individually and in the aggregate, shall be equal to but not greater than the maximum permitted by law. 
  
 12.      Security Interest. The Company’s obligations under this Note are secured by a grant of a security interest to Holder in
all tangible and intangible assets of Company for which Company retains sole title as of the date of this Note (the “Collateral”). The Collateral includes all equipment, fixtures, intellectual property (including patents), cash and cash
equivalents, software, personal property, and receivables. Notwithstanding anything to the contrary herein all (a) leases and other contracts, (b) licenses (including to software and intellectual property), (c) the Company’s
rights under such leases, other contracts and licenses and (d) any property that is the subject of such leases, other contracts and licenses, shall not constitute Collateral pursuant to this Note. In the case Company fails to materially perform
its repayment obligations under this Note, and such default is continuing (“Default”), the Holder may exercise, without further notice, all rights and remedies under this Note or are otherwise available at law. In the case of 

  

 3 

 
such Default, the Holder will give the Company not less than 30 business days prior written notice of its intended disposition of the collateral, provided,
however, if Company cures such Default prior to expiration of such notice period, Default will be not deemed to have occurred and Holder shall have no rights to the Collateral. For the purpose of enforcing any and all rights and remedies under this
Agreement, the Holder may (i) require the Company to, upon Holder’s reasonable request, assemble all or any part of the Collateral as directed by the Holder and make it available at the Company’s headquarters, (ii) to the extent
permitted by applicable law, enter, without breach of the peace, any premise where any such Collateral is or may be located and, reasonably seize and remove such Collateral from such premises, (iii) direct the Company to reasonably provide
relevant information from the Company’s books and records relating to the Collateral, and (iv) prior to the disposition of any of the Collateral, store or transfer the Collateral, process, repair or recondition such Collateral or otherwise
prepare it for disposition in any manner and to the extent the Holder deems reasonably appropriate. Notwithstanding anything to the contrary herein, the Security Interest granted hereby is expressly limited the amount of any unpaid Principal,
Premium and accrued unpaid interest under this Note and Holder shall exercise the foregoing rights in such a fashion so as to minimize disruption to Company and its business operations and only to the extent necessary to recover such unpaid
Principal, Premium and accrued unpaid interest. The Holder and the Company shall work in good faith to effectuate the intent of the previous sentence. The security interest provided hereby shall expire upon the payment in full of all Principal,
Premium and accrued unpaid interest or the occurrence of the Conversion Date. Holder will execute any documents or instruments the Company may reasonably request to evidence such expiration. 
  
 13.      Miscellaneous. No modification, rescission,
waiver, forbearance, release or amendment of any provision of this Note shall be made, except by a written agreement duly executed by the Company and Holder. This Note may not be assigned by Holder without the prior written consent of the Company.
The Company and Holder each hereby submits to personal jurisdiction in the State of Maryland, consents to the jurisdiction of any competent state or federal district court sitting in the City or County of Montgomery County, Maryland, and waives any
and all rights to raise lack of personal jurisdiction as a defense in any action, suit or proceeding in connection with this Note or any related matter. Service of Process may be effectuated by Company by providing such Service to Holder by
Certified Mail, and in the case such Service is undeliverable by providing such Service to the Maryland Department of Assessments and Taxation. This Note shall be governed by, and construed and interpreted in accordance with, the laws of the State
of Maryland, without reference to conflicts of law provisions of such state. 
  
 [Remainder of this page intentionally left blank] 
  

 4 

 IN WITNESS WHEREOF, the undersigned have caused this Convertible Promissory Note to be executed and
delivered by a duly authorized officer as of the date first above written. 
  
  

			
	E-centives, Inc.
		
	 By:
	 	/s/ Kamran Amjadi
	 Name:
	 	Kamran Amjadi
	 Title:
	 	Chief Executive Officer

  

			
	 ACCEPTED AND AGREED:

	
	Holder
		
	 By:
	 	/s/ Peter Friedli
	 Name:
	 	Peter Friedli
	 Title:
	 	President

  
 Convertible Promissory Note

 As of July 25, 2005 
 Venturetec, Inc. 
 $500,000 
  

 5

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