Document:

Exhibit 4.8

 

CLICKSOFTWARE
TECHNOLOGIES LTD

 

APPROVED SHARE OPTION SCHEME RULES

 

		1.	DEFINITIONS

 

		1.1	In these Rules of the Scheme the following words and expressions
                                         shall have the following meanings:

 

"Adoption Date"
means the date on which the Scheme is adopted by the Company;

 

"Approved Scheme"
means a share option scheme approved under Schedule 9 of the Taxes Act or Schedule 4;

 

"Articles" means
the Articles of Association of the Company from time to time in force;

 

"Associated Company"
has the same meaning as in Section 416 of the Taxes Act;

 

"Auditors"
means the auditors for the time being of the Company;

 

"Board" means the
board of directors from time to time of the Company or a duly authorised committee thereof appointed in accordance with Rule 11.2;

 

"Close Company"
has the same meaning as in Chapter I of Part XI of the Taxes Act SAVE THAT for the purposes of determining whether a company is
a close company for the purposes of this Scheme, sections 414(1)(a) and 415 of that Act shall be disregarded;

 

"Company" means
ClickSoftware Technologies Ltd;

 

"Control" means
control as defined in Section 840 of the Taxes Act 1988;

 

“Date of Grant”
means the date on which the Option is granted;

 

"Dealing Day" means
a day on which NASDAQ is open for business;

 

"Eligible Person"
means:

 

		(a)	an employee who is a director of
                                         any member of the Group and required under his contract of employment to work for not
                                         less than 25 hours per week (excluding meal breaks) disregarding holiday entitlement;
                                         or

 

		(b)	any other employee of any member
                                         of the Group;

 

“Employing Company”
means Clicksoftware Europe Limited or such other company within the Group that employs the Participant;

 

"Exercise Price"
means, in relation to an Option, the price per Share payable on the exercise of that Option;

 

"Group" means the
Company and all of the Subsidiaries and "member of the Group" shall be construed accordingly;

 

“ITEPA” means
the Income Tax (Earnings and Pensions) Act 2003 (as amended from time to time);

 

    	 

    	 

    

 

"Market Value"
means in relation to a Share on a given date:

 

		(a)	the market value of such Share
                                         on that date as determined in accordance with Part VIII of the Taxation of Chargeable
                                         Gains Act 1992 and agreed in advance with the Shares Valuation Division of the Inland
                                         Revenue; or

 

		(b)	in the event that Shares are admitted
                                         to trading on NASDAQ an amount which is equal to the closing price of such Share as derived
                                         from the Dealing Day immediately preceding that date subject to such a method of valuation
                                         being agreed by the Shares Valuation Division of the Inland Revenue;

 

"Material Interest"
has the meaning given in paragraph 10 of Schedule 4;

 

"Operative Period"
means the period of ten years commencing on the Adoption Date;

 

"Option" means
a right to acquire Shares under the Scheme;

 

"Participant" means
an Eligible Person who has been granted an Option;

 

“PAYE Liability”
means:

 

		(a)	income tax payable by deduction
                                         under Part 11 of ITEPA;

 

		(b)	primary Class 1 National Insurance
                                         Contributions;

 

		(c)	all or such part (as may from time
                                         to time be agreed in writing between the Participant and his Employing Company) of any
                                         secondary Class 1 National Insurance Contributions (“NIC”) payable in respect
                                         of any gain which is treated as remuneration derived from the Participant’s employment
                                         for NIC purposes by virtue of Section 4(4)(a) of the Social Security Contributions and
                                         Benefits Act 1992 (as amended); or

 

		(d)	any other similar taxes or duties,

 

which the Employing Company would
be required to account for to the Inland Revenue or other taxation authorities if a Participant exercised an Option.

 

"Rules" means the
rules of the Scheme contained in this document and "Rule" shall be construed accordingly;

 

"Schedule 4" means
Schedule 4 to the ITEPA;

 

"the Scheme" means
the scheme contained in this document as from time to time amended in accordance with the provisions hereof;

 

"Shares" means
Ordinary Shares of NIS 0.02 each in the capital of the Company as defined in the Company's Articles of Association which satisfy
the provisions of paragraphs 16 to 20 (inclusive) of Schedule 4 and "Share" shall be construed accordingly;

 

"Subsidiary" means
a company which is a subsidiary of the Company within the meaning of Section 736 of the Companies Act 1985 and which is under
the Control of the Company;

 

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"Subsisting Option"
means an option granted under this Scheme or the Unapproved Scheme which has not lapsed or been exercised;

 

"Taxes Act" means
the Income and Corporation Taxes Act 1988;

 

"Termination
for Cause" means in relation to a Participant, termination of the Participant's employment with any member of
the Group in circumstances giving rise to summary dismissal;

 

"Unapproved
Scheme" means the unapproved executive share option scheme adopted by the Company on 21 March 2000 and the UK
Appendix to the 2000 Amended and Restated 2000 Share Option Plan, as now in effect or as hereafter amended;

 

"Vesting Dates"
means, as determined by the Board, the date as of which the Participant shall be entitled to exercise the Options or part of the
Options, as set forth in Rule 7.2 of the Scheme; and

 

“Amended and Restated
2000 Share Plan” means the Amended and Restated 2000 Share Plan adopted by the Company on 6 September 2001 as now
in effect or as hereafter amended.

 

		1.2	In these Rules the expression "holding
                                         company" and "subsidiary" have the same meanings as those contained in
                                         Section 736 of the Companies Act 1985.

 

		1.3	The Rules of the Scheme and their definitions
                                         are separate from the rules of the 2000 Stock Plan and the terms of the 2000 Stock Plan
                                         shall have no effect in relation to the interpretation and implementation of the Scheme.

 

		1.4	Any reference in these Rules to a statutory
                                         provision shall include a reference to that provision as amended or re-enacted from time
                                         to time and any subordinate legislation, orders or regulations made pursuant thereto.
                                         Where the context permits the singular shall include the plural and vice versa and the
                                         masculine gender shall include the feminine.

 

	2.		ELIGIBILITY

 

		2.1	Subject to the following provisions
                                         of this Rule 2, the Board shall have an absolute discretion as to the selection of persons
                                         to whom an Option is granted by the Company.

 

		2.2	An Option shall not be granted to any
                                         person unless he is an Eligible Person.

 

		2.3	An Option shall be personal to the
                                         Participant to whom it is granted and may not be transferred to or exercised by any other
                                         person other than his personal representatives.

 

		2.4	An Option shall not be granted to any
                                         person at any time when he has or has within the preceding 12 months had, a Material
                                         Interest in a Close Company being either the Company or a company which has Control of
                                         the Company or is a member of a consortium which owns such a company.

 

	3.		GRANT
                                         OF OPTIONS

 

		3.1	An Option may, subject to Rule 2, be
                                         granted to a Participant at such times and on such terms in accordance with these Rules
                                         as the Board shall in its absolute discretion determine.

 

		3.2	No Option may be granted after the
                                         expiry of the Operative Period.1

 

 

	1		Note
                                         that in accordance with the resolution of the Company dated 15 July 2010, the period
                                         of grant of options was extended to 27 May 2020.

 

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		3.3	As soon as practicable after the grant
                                         of an Option to a Participant by the Board pursuant to Rule 3.1, the Company shall issue
                                         to him, or procure the issue to him of an option certificate. The option certificate
                                         shall be issued under seal or in such manner as shall take effect as a deed of the Company.
                                         The option certificate shall be in the form determined by the Board from time to time
                                         (subject to the approval of the Inland Revenue), including in an electronic form, and
                                         shall state:

 

		(a)	the Date of Grant of the Option;

 

		(b)	the number of Shares in respect
                                         of which the Option is granted;

 

		(c)	the Exercise Price;

 

		(d)	the date(s) on which the Option
                                         may be exercised and the extent to which the Option may be exercised on any such date;

 

		(e)	any performance-related conditions
                                         imposed pursuant to Rule 8 to which the Option is subject;

 

		(f)	any variation to the Vesting Commencement
                                         Date, if appropriate;

 

		(g)	that the Participant agrees to
                                         indemnify each member of the Group in respect of any tax liability arising in respect
                                         of the exercise of an Option (to the extent permitted by law),

 

and is otherwise in such form as
the Board may from time to time determine.

 

		3.4	A Participant shall be entitled to
                                         renounce, surrender or cancel, or agree to the cancellation of, an Option within the
                                         period of 30 days immediately following the date of grant and if any Option is so renounced,
                                         surrendered or cancelled it shall be deemed for the purposes of this Scheme never to
                                         have been granted.

 

		3.5	An Option shall not be granted by any
                                         person other than the Company without the prior approval of the Board.

 

	4.		EXERCISE
                                         PRICE

 

The Exercise Price shall be determined
by the Board but shall be not less than the greater of the Market Value of Shares at the date of grant and the nominal value of
a Share.

 

	5.		EXERCISE OF OPTIONS

 

		5.1	Notice of Exercise

 

An Option shall only be exercised
by a Participant within such period as may be applicable by virtue of the terms on which the Option was granted and the provisions
of Rules 7 and 8 below and subject thereto the exercise shall be effected in such form and manner as the Board may from time to
time prescribe, including in an electronic form. In the absence of the Board prescribing to the contrary a Participant shall exercise
an Option by his giving to the Company at its registered office prior notice in writing signed by the Participant, which notice
shall specify the number of Shares (which shall be a multiple of 100 or be equal to the balance of the Shares remaining subject
to the Option) in respect of which the Option is being exercised and shall be accompanied both by the option certificate evidencing
the grant of the relevant Option for cancellation or amendment and payment in full of the aggregate Exercise Price for the Shares
in respect of which the Option is exercised or an undertaking in such form as the Board shall in their absolute discretion accept
that the Exercise Price will be remitted to the Company as soon as reasonable practicable (including but not limited to a remittance
to be made out of the proceeds of sale of at least some of the Shares acquired on exercise) after exercise . The date of receipt
of such notice shall (in the absence of the Board prescribing otherwise in the option certificate) be deemed to be the date of
exercise of the Option or of the relevant portion of the Option, as the case may be.

 

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		5.2	Allotment

 

The Company shall enter the Participant
in the Company's register of members as the holder of the appropriate number of Shares within thirty days after the date of exercise
of the Option (the date of such entry being, for the purposes of Rule 5.3 below, the "date of allotment") and
(provided that the Company issues share certificates) the Company shall deliver to the Participant a definitive share certificate
in respect thereof.

 

		5.3	Rights of Shares

 

Any Shares issued pursuant to Rule
5.2 above shall rank pari passu in all respects and form a uniform class with the Shares in issue on the date of allotment save
that they shall not rank for or be entitled to any dividend or other distribution or any issue of Shares by way of capitalization
of profits or reserves or any issue of securities by way of rights which under the terms of a resolution passed by the Company
is to be or is proposed to be paid or made to the holders of Shares on the register on a date prior to the date of allotment.
The Shares shall be issued subject to the Articles.

 

		5.4	Listing

 

The Company shall at its expense
make application to the NASDAQ for the admission to trading on NASDAQ of all Shares allotted pursuant to the exercise of any Option
if Shares are then traded on NASDAQ.

 

		5.5	Condition Precedent

 

		5.5.1	In the event that any PAYE Liability
                                         becomes due on the exercise of an Option, the Option may not be exercised unless:

 

		5.5.1.1	the Employing Company is
                                         able to deduct an amount equal to the whole of the PAYE Liability from the Participant’s
                                         net pay for the next pay period; or

 

		5.5.1.2	the Participant has paid
                                         to the Employing Company an amount equal to the PAYE Liability; or

 

		5.5.1.3	the sum of the amount that
                                         the Participant has paid to the Employing Company in respect of the Employing Company’s
                                         obligation to satisfy the PAYE Liability and the total amount that the Employing Company
                                         is able to deduct from the Participant’s net pay for the next pay period is equal
                                         to or more than the PAYE Liability; or

 

		5.5.1.4	the Participant has given
                                         irrevocable instructions to the Company’s brokers (or any other person acceptable
                                         to the Company) for the sale of sufficient Shares acquired on the exercise of an Option
                                         to realize an amount equal to the PAYE Liability and the payment of the PAYE Liability
                                         to the Employing Company; or

 

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		5.5.1.5	the Board determines otherwise.

 

		5.5.2	An Option maybe granted subject
                                         to there being a condition that on exercise the Participant shall meet the Employing
                                         Company’s Secondary Class 1 National Insurance Contributions due on the exercise
                                         cancellation or release of an Option. For this purpose, the Participant maybe required,
                                         if requested by the Employing Company at any time before the exercise of the Option,
                                         to enter into an election to transfer liability for such Secondary Class 1 National Insurance
                                         Contributions in a form approved by the Inland Revenue and acceptable to the Employing
                                         Company and to enter into such arrangements as may be approved by the Inland Revenue
                                         in order to secure that the payment of such liabilities is made on a timely basis.

 

	6.		LIMITATIONS ON GRANTS

 

		6.1	No options shall be granted pursuant
                                         to Rule 3 if such grant would result in the aggregate of:

 

		(a)	the number of shares over which
                                         subsisting Options have been granted under the Unapproved Scheme after 21 March 2000,
                                         this Scheme and the Amended and Restated 2000 Share Plan, and any other share option
                                         plans which have previously been, or may in the future be, adopted by the Company; and

 

		(b)	the number of shares which have
                                         been issued on the exercise of Options granted under the Unapproved Scheme after 21 March
                                         2000, this Scheme and the Amended and Restated 2000 Share Plan, and any other share option
                                         plans which have previously been, or may in the future be, adopted by the Company;

 

exceeding the
limit imposed by the Company from time to time.

 

		6.2	Individual Limits

 

		6.2.1	The number of Shares over which the Board may grant an Option
                                         to an Eligible Person on any date shall be limited so that the aggregate Market Value
                                         of those Shares and any other shares which may be acquired in respect of options previously
                                         granted to him under the Scheme and any other Approved Scheme, not being a savings related
                                         share option scheme, and established by the Company or any Associated Company of the
                                         Company does not exceed £30,000 or such other amount as shall from time to time
                                         be specified in paragraph 6.1 of Schedule 4. For the purposes of this Rule the Market
                                         Value of a Share shall be calculated as at the time the option in respect of that Share
                                         was granted or such earlier time as may have been agreed in writing with the Board of
                                         Inland Revenue.

 

	7.		TIME FOR EXERCISE OF OPTIONS

 

		7.1	Notwithstanding the provisions of this
                                         Rule 7 the Option may not be exercised at any time when the Participant has a Material
                                         Interest with the Company.

 

	7.2	Subject to the other provisions of Rule 5, this Rule 7 and Rule 8, the Option may
not be exercised prior to such date or dates as provided in the Participant’s option certificate (“the Vesting Dates”)
and to the extent stated in the Participant’s option certificate.

 

		7.3	If a Participant shall cease to be
                                         an Eligible Person by reason of circumstances giving rise to Termination for Cause the
                                         Option shall lapse and become of no effect.

 

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		7.4	If a Participant shall cease to be
                                         an Eligible Person otherwise than by reason of circumstances giving rise to Termination
                                         for Cause, the Participant (or his successors) may, subject to Rule 7.2 and Rule 8, exercise
                                         his Option to the extent not previously exercised by the Participant within two months
                                         of such cessation and to the extent not exercised after the end of that period the Option
                                         shall lapse and become of no effect.

 

		7.5	For the purposes of this Rule 7 where
                                         a Participant’s employment is terminated without notice he shall cease to be an
                                         Eligible Person on the date on which the termination takes effect and where the employment
                                         is terminated with notice he shall cease to be an Eligible Person on the date on which
                                         such notice is given.

 

	8.		PERFORMANCE-RELATED CONDITIONS OF EXERCISE

 

		8.1	The exercise of an Option shall be
                                         conditional upon the performance of the Company and, if the Board so determines, upon
                                         the performance of a Subsidiary and/or the Participant over such period and measured
                                         against such objective criteria as shall be determined by the Board and notified to the
                                         Participant when the Option is granted. If no such objective criteria are notified to
                                         the Participant when the Option is granted, this Rule 8 shall not apply in relation to
                                         the Option.

 

		8.2	Any such condition may provide that
                                         the Option shall become vested in respect of a given number or proportion of the Shares
                                         over which it subsists according to whether, and the extent to which, any given performance
                                         target is met or exceeded.

 

		8.3	After an Option has been granted the
                                         Board may, in appropriate circumstances, amend any performance-related condition of exercise
                                         of an option PROVIDED THAT no such amendment shall be made unless an event has occurred
                                         or events have occurred in consequence of which the Board reasonably considers, having
                                         due regard to the interests of the shareholders of the Company, that the terms of the
                                         existing performance-related condition(s) of exercise of the Option should be so varied
                                         for the purposes of ensuring that either the objective criteria against which the performance
                                         of the Company and/or any Subsidiary and/or the Participant will then be measured will
                                         be a fairer measure of such performance or that any amended performance condition will
                                         afford a more effective incentive to the Participant and will be no more difficult to
                                         satisfy than were the original condition(s) when first set.

 

		8.4	If, in consequence of a performance
                                         condition being met, an Option becomes vested in respect of some but not all of the number
                                         of Shares over which it subsists it shall thereupon lapse and cease to be exercisable
                                         in respect of the balance of the Shares over which it was held.

 

	9.		VARIATIONS IN THE SHARE CAPITAL OF THE COMPANY

 

		9.1	Variation of Capital 

 

If at any time after the date of
grant of an Option and before it ceases to be exercisable there is a variation of the share capital of the Company which involves
the Shares by reason of:

 

		9.1.1	a capitalization of reserves;
                                         or

 

		9.1.2	a reduction, sub-division, or
                                         consolidation of capital,

 

the Exercise Price and/or the number
of Shares in respect of which the Option may be exercised shall be adjusted at the discretion of the Board to such extent and
in such manner as the Auditors shall in their opinion consider confirm in writing to the Board to be fair and reasonable, but
so that the aggregate Exercise Price payable on the exercise of an Option previously granted under these Rules shall not be increased
or materially altered thereby and provided that any such adjustment shall be subject to prior approval of the Board of Inland
Revenue.

 

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		9.2	Notification

 

All Participants shall be notified
in writing of any such adjustments as soon as practicable thereafter and the Company shall be entitled to call in the instruments
evidencing the grant of the Options affected by such adjustments for endorsement or replacement, as may appear appropriate.

 

		10.	SUBSTITUTE
                                         OPTIONS FOLLOWING CHANGE IN CONTROL OF THE COMPANY

 

		10.1	Application

 

This Rule 10 applies where a company
(the “Acquiring Company”):

 

		10.1.1	obtains Control of the Company
                                         as a result of making:

 

		(a)	a general offer to acquire the whole
                                         of the issued share capital of the Company (other than that which is already owned by
                                         the Acquiring Company and/or by its holding company and/or by any subsidiary of its holding
                                         company) made on a condition such that if it is satisfied the Acquiring Company will
                                         have Control of the Company; or

 

		(b)	a general offer to acquire all the
                                         Shares (or such Shares as are not already owned by the Acquiring Company and/or by its
                                         holding company and/or by any subsidiary of its holding company); or

 

		10.1.2	obtains Control of the Company
                                         in pursuance of a compromise or arrangement sanctioned by the court under Section 425
                                         of the Companies Act 1985; or

 

		10.1.3	becomes bound or entitled to
                                         acquire shares in the Company under Sections 428 to 430F of the Companies Act 1985.

 

		10.2	Release of Options

 

Subject to the conditions referred
to in Rule 10.3, where this Rule 10 applies, a Participant may, by agreement with the Acquiring Company and within the period
referred to in Rule 10.4, release his Option (the “Old Option”) in consideration of the grant to him of an
option (the “New Option”) over shares in the Acquiring Company or some other company falling within paragraph
16(b) or paragraph 16(c) of Schedule 4.

 

		10.3	The Conditions

 

The conditions referred to in Rule
10.2 are as follows:

 

		10.3.1	the shares over which the New
                                         Option is granted must comply with the conditions of paragraphs 16 to 20 (inclusive)
                                         of Schedule 4;

 

		10.3.2	the total market value (determined
                                         in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992) of the Shares
                                         subject to the Old Option immediately before its release must be equal to the total market
                                         value (as so determined) immediately after the grant of the New Option of the shares
                                         in respect of which the New Option is granted; and

 

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		10.3.3	the aggregate subscription price
                                         payable by the Participant upon the exercise in full of his New Option must be equal
                                         to the aggregate Exercise Price which would have been payable by him had he exercised
                                         in full his Old Option in respect of the total number of Shares subject to the Old Option
                                         at the time of its release.

 

		10.4	Period for Release

 

The period referred to in Rule 10.2
is:

 

		10.4.1	in a case falling within Rule
                                         10.1.1, six months beginning with the time when the Acquiring Company obtains Control
                                         of the Company and any condition subject to which the offer is made is satisfied;

 

		10.4.2	in a case falling within Rule
                                         10.1.2, six months beginning with the time when the court sanctions the compromise or
                                         arrangement; and

 

		10.4.3	in a case falling within Rule
                                         10.1.3, the period during which the Acquiring Company remains so bound or entitled.

 

		10.5	Consequences of Release

 

Where a Participant is granted a
New Option in consideration of the release of his Old Option in accordance with Rule 10, then:

 

		10.5.1	the New Option shall be exercisable
                                         in the same manner as the Old Option;

 

		10.5.2	the New Option shall be subject
                                         to the provisions of the Scheme as it had effect in relation to the Old Option immediately
                                         before its release; and

 

		10.5.3	with effect from the release,
                                         Rules 1, 5, 6, 8, 9, 10, 11, (except Rules 11.1 and 11.2) and 13 shall, in relation to
                                         the New Option, be construed as if references to the Company and to Shares were references
                                         to the Acquiring Company and to shares in the Acquiring Company or, as the case may be,
                                         the other company in respect of whose shares the New Option is granted.

 

	11.		ADMINISTRATION OF THE SCHEME

 

		11.1	General 

 

The Scheme shall in all respects
be administered under the direction of the Board. The Board may make such rules for the conduct of the Scheme, not being inconsistent
with the provisions of these Rules, as it shall think fit. Any dispute regarding the interpretation of the Scheme or the terms
of any Option shall be determined by the Board (after seeking such advice as it shall consider necessary) and its decision shall
be final and binding.

 

		11.2	Committee

 

The Board may delegate all or any
of its powers in relation to the Scheme to a duly authorised committee of the Board.

 

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		11.3	Authorised Share Capital

 

The Company shall at all times maintain
an amount of authorised and unissued Shares sufficient to satisfy outstanding Options under the Scheme.

 

		11.4	Articles of Association

 

The provisions of the Articles for
the time being with regard to the service of notices upon members of the Company shall apply mutatis mutandis to any notice to
be given by the Company to Participants under the Scheme and all notices to be given to the Company under the Scheme shall be
delivered or sent by post to the Company at its registered office.

 

		11.5	Trustees

 

Any member of the Group may provide
money to the trustee or trustees of any trust or any other person to enable it, him or them to acquire Shares to be held for the
purposes of the Scheme, to enter into any guarantee or indemnity for these purposes, to the extent permitted by Section 153 of
the Companies Act 1985.

 

		11.6	Copies of Documents

 

The Participants shall be entitled
to receive upon request copies of all accounts, circulars, and notices sent to holders of Shares.

 

	12.		AMENDMENT OF THE SCHEME

 

		12.1	Resolution of the Board 

 

The Board shall at any time be entitled
to amend by resolution all or any of the provisions of the Scheme provided that:

 

		12.1.1	no amendment to the Scheme shall
                                         be made which would prejudice the subsisting rights of existing Participants in any manner
                                         without the prior written consent of existing Participants entitled to exercise Options
                                         in respect of at least three quarters of the total number of Shares over which Options
                                         shall at that time be subsisting; and

 

		12.1.2	no amendment shall have effect
                                         until approved by the Board of Inland Revenue.

 

		12.2	Revenue Approval

 

The Board may at any time by resolution
and without other formality amend the Scheme in any way to the extent necessary to secure and maintain the approval of the Scheme
by the Board of Inland Revenue under Schedule 4 and to ensure that such approval is not withdrawn pursuant to any statutory modifications
of the provisions of the Taxes Act or ITEPA.

 

		12.3	Notification

 

On any such amendment being made
by the Board all Participants shall be notified in writing as soon as practicable thereafter.

 

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		12.4	Termination

 

The Board or the Company in General
Meeting shall be entitled by resolution to terminate the Scheme at any time but Options previously granted shall continue to be
valid and exercisable in accordance with the provisions of the Scheme.

 

	13.		ADDITIONAL PROVISIONS

 

		13.1	Conflict

 

Every Option shall be subject to
the condition that no Shares shall be issued to a Participant following the exercise of an Option if such issue would be contrary
to any enactment or regulation for the time being in force of the United Kingdom, Israeli or of any other country having jurisdiction
in relation thereto. The Company shall not be bound to take any action to obtain the consent of any governmental authority to
such issue or to take any action to ensure that any such issue shall be in accordance with any such enactment or regulation if
such action could in the opinion of the Board be unduly onerous.

 

		13.2	Employment

 

The rights and obligations of a
Participant under his terms of employment with any member of the Group shall not be affected by his participation in the Scheme
and the Scheme shall not afford to a Participant any additional right to compensation in consequence of the termination of his
employment for any reason whatsoever.

 

		13.3	Auditors

 

In any matter in which they are
required to act under these Rules the Auditors shall be deemed to be acting as experts and not as arbitrators.

 

		13.4	Governing Law

 

The Scheme shall be governed by
and interpreted in accordance with English Law.

 

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CLICKSOFTWARE TECHNOLOGIES LTD 

APPROVED EXECUTIVE SHARE OPTION SCHEME

OPTION CERTIFICATE

 

	Name of Optionholder:	«FirstName» «LastName»
	Address of Optionholder:	«Address1»
	 	«Address2»
	 	«Address3»
	Date of Grant	«StartDate»
	Maximum Number of Shares:	«OptionsGranted»
	Exercise Price:	$ «Price»
	Vesting Dates:	(a) First 25% on the first anniversary of the date of grant.
	 	(b) Thereafter, 1/48th at the end of each month.
	Expiration Date:	«LastExerciseDate»

 

ClickSoftware Technologies Ltd HEREBY GRANTS
to the Optionholder named above an Option to acquire the above number of Shares in the Company at the above Exercise Price.

 

This Option is exercisable subject to and
in accordance with the rules of the ClickSoftware Technologies Ltd Approved Executive Share Option Scheme ("the Scheme")
as they are amended from time to time. It is exercisable in accordance with the performance conditions and the limitations on
exercise contained in Part A and Part B respectively of the Schedule (if any) to this Option Certificate and the rules of the
Scheme (and in particular Rule 7).

 

To exercise the Option the Optionholder should
complete the Notice of Exercise on the reverse side of this Option Certificate.

 

The Optionholder agrees to be bound by their
terms and conditions set out in the rules of the ClickSoftware Technologies Ltd Approved Executive Share Option Scheme and the
terms and conditions of exercise set out in the Schedule to this Option Certificate (including for the avoidance of doubt Rule
5.5 relating to PAYE Liability and secondary class 1 NICs);

 

The Option is not transferable and will lapse
upon the occasion of an assignment, charge, disposal or other dealing with the rights conveyed by it.

 

	EXECUTED AS A DEED by	 	 
	CLICKSOFTWARE TECHNOLOGIES LTD	 	 
	acting by:	 	Secretary/Director	 

 

I HEREBY AGREE to accept the grant of this
Option and agree and undertake to be bound by their terms and conditions set out in the rules of the ClickSoftware Technologies
Ltd Approved Executive Share Option Scheme and the terms and conditions of exercise set out in the Schedule to this Option Certificate
(including for the avoidance of doubt Rule 5.5 relating to PAYE Liability and secondary class 1 NICs);

 

	SIGNED but not delivered until the date
    hereof	)	 
	AS A DEED by	 	)	 
	in the presence of:	)	 
	 	 	(Optionholder signature)

 

	Witness signature:	 	 
	Witness name (print)	 	 
	Address:	 	 
	Occupation:	 	 

 

    	12

    	 

    

 

SCHEDULE

 

PART A

Performance Conditions

 

None

 

    	13

    	 

    

 

PART B

Limitations on Exercise

 

None

    	14

    	 

    

 

CLICKSOFTWARE TECHNOLOGIES LTD

APPROVED EXECUTIVE SHARE OPTION SCHEME

NOTICE OF EXERCISE OF OPTION

 

		To:	Company Secretary

ClickSoftware Technologies
Ltd

 

From:                                                                                                                                 (name
in BLOCK CAPITALS)

 

                                                                                                                                                                        (ADDRESS)

                                                                                                                                                                                             

                                                                                                                                                                                             

 

I, being the holder of the Option
represented by this Certificate, hereby exercise the Option referred to overleaf in respect of                                        of
the shares over which the Option may be exercised, and request the allotment or transfer to me of those shares in
accordance with the rules of the Scheme and the Articles of Association of the Company.

 

		(a)	I enclose a cheque made payable to ClickSoftware Technologies
Ltd in the sum of $          being the aggregate Exercise Price payable in
full for such shares; or

 

		(b)	I hereby confirm that I have given
                                         instructions to the Company’s brokers for the sale of sufficient shares acquired
                                         on exercise to pay the aggregate exercise price payable in full for such shares, and
                                         for the payment of this exercise price to the Company or my Employing Company; or

 

		(c)	I hereby confirm that I have given
                                         instructions to the Company’s brokers for the sale of all of the shares acquired
                                         on exercise and for the payment of the exercise price to the Company or my Employing
                                         Company.

 

I am exercising
my Option on the following basis:-

 

		(a)	It is more than 3 years since the date of grant of the Option

 

or

 

		(b)	It
                                         is less than 3 years since the date of grant of the Option and I am exercising within
                                         2 months of leaving employment for injury, disability, redundancy (within the meaning
                                         of the Employment Rights Act 1996), retirement on or after reaching the age at which
                                         I am bound to retire under the terms of my contract of employment which for the purposes
                                         of section 524 of ITEPA must not be less than 55

 

or

 

		(c)	I/we
                                         are the personal representative(s) of the optionholder and I/we are exercising within
                                         2 months of the date of death of the optionholder

 

or

 

		(d)	It
                                         is less than 3 years since the date of grant of the Option and I am exercising the Option
                                         in accordance with the Rules of the Scheme

 

Please delete the alternatives
in 3 above which do not apply

 

    	15

    	 

    

 

Where I am
exercising my option under 3(d) above then in respect of any amount of:

 

		(i)	income tax payable by deduction
                                         under Part 11 of ITEPA (“PAYE”),

 

		(ii)	primary Class 1 National Insurance
                                         Contributions (“employee’s NIC”), and

 

		(iii)	secondary Class 1 National Insurance
                                         Contribution (“employer’s NIC”)

 

((i), (ii) and (iii)
together hereinafter referred to as “the PAYE Liability”) due on the exercise of this Option, either               (please delete
as appropriate)

 

		(aa)	I enclose a cheque for £[                    ] payable
                                         towards that PAYE Liability and if such sum is less than the aggregate amount of the
                                         PAYE Liability due on this exercise, I hereby authorise the Company or my Employing Company
                                         to deduct any amount of shortfall from my net pay for the next pay period; or

 

		(bb)	I hereby authorise the Company or my
                                         Employing Company to deduct an amount equal to the whole of the PAYE Liability from the
                                         my net pay for the next pay period; or

 

		(cc)	I hereby confirm that I have given
                                         irrevocable instructions to the Company’s brokers (a copy of which is attached
                                         to this Notice of Exercise) for the sale of sufficient shares acquired on the exercise
                                         of this Option to realise an amount equal to the PAYE Liability and for the payment of
                                         the PAYE Liability to the Company or my Employing Company.

 

I wish the Ordinary Shares
to be registered as fully paid in my name and agree to accept the Ordinary Shares subject to the Memorandum and Articles of Association
of the Company.

 

I request you to issue a Share Certificate
in respect of the Ordinary Shares.

 

	Name (block letters)	 	Signature
	 	 	 
	 	 	 
	Address	 	 
	 	 	Date 	 
	 	 	 	 
	 	 	 	 

 

    	16

    	 

    

 

NOTES:

 

		1.	This form must be accompanied by payment
                                         of the Exercise Price for the shares in respect of which the Option is exercised.

 

		2.	The Option may not be exercised in
                                         respect of less than 100 shares or (if less) all of the shares over which the Option
                                         subsists.

 

		3.	The Scheme has been approved by the
                                         Inland Revenue. There is no charge to income tax on the receipt of a right to acquire
                                         shares under such a scheme. Subject to paragraph 4 below, under current tax rules a charge
                                         to tax and employee national insurance contributions will arise on the exercise of the
                                         Option on the difference between the market value of the shares at the date of exercise
                                         and the price paid for them if the Option is exercised within 3 years of grant or at
                                         any time when this Scheme is not approved by the Board of Inland Revenue. Any exercise
                                         after the third anniversary of the date of grant will not attract an income tax or employee
                                         national insurance contributions charge on exercise. You will be liable to capital gains
                                         tax on ultimate disposal of your Shares, subject to any available reliefs (e.g. the CGT
                                         annual exemption) whether or not you pay income tax on exercise of the Option. Any amount
                                         charged to income tax on the exercise of your Option will, however, form part of the
                                         base cost of your Shares for capital gains tax purposes. The above comments assume that
                                         the Scheme continues to be approved by the Inland Revenue until the date of exercise.

 

		4.	If you are exercising the Option before
                                         the third anniversary of the date of grant and within two months of leaving employment
                                         of the Company or your Employing Company by reason of injury, disability, redundancy
                                         or retirement at or after your contractual normal retirement date you will not be liable
                                         to income tax and national insurance contributions.

 

		5.	Employer secondary Class 1 contributions
                                         will also become due on any amount subject to tax and/or employee national insurance
                                         contributions. By signing your option certificate you have agreed to enter into an election
                                         to transfer such liability from your employer to yourself.

 

		6.	IMPORTANT the Company does not undertake
                                         to advise you on the tax consequences of exercising your Option. If you are unsure of
                                         the tax liabilities which may arise, you should take appropriate professional advice
                                         before exercising your Option.

 

    	17UNITED STATES

 

 

 

 

Vanguard Letter of Interest to Solar America
Initiative (SAI) PV Technology 

Pre-Incubator 

Solicitation for Letters of Interest (LOI) No. REU-9-99010 

March 2009

 

 

 

 

 

Article referenced as support for the following
sections: 

Page 7: Third Full Paragraph on Production Costs

Letter of Interest (LOI)

“Solar America Initiative (SAI) PV Technology 

  Pre-Incubator”

In support of:

National Renewable Energy Laboratory 

  Solicitation for Letters of Interest (LOI) 

  No. REU-9-99010

Submitted by:

Vanguard Solar, Inc.

	
  
 	
  
 	
  
 
	
 365 Boston Post
 Road #303
 	
  
 	
 Principal
 Investigator:
 
	
 Sudbury, MA
 01776-3003
 	
  
 	
 Dr. Dennis J.
 Flood
 
	
 Tel:
 508.361.1463
 	
  
 	
 Executive Vice
 President, Chief Technology
 
	
 Fax:
 978.443.9983
 	
  
 	
 Officer,
 Co-Founder
 
	
 Principal email:
 	
  
 	
 Tel:
 440.774.2551
 
	
 jpalmer@vanguardsolar.com
 	
  
 	
 djflood@vanguardsolar.com
 

A
novel nanostructured II/VI semiconductor-based thin-film photovoltaic cell
produced by Chemical Bath Deposition process at room temperature and having
crystalline Si-like efficiency with one-tenth the production costs and
one-twentieth the capital costs of high-efficiency solar cells.

This
LOI includes data that shall not be disclosed outside the government or NREL
and shall not be used or disclosed – in whole or in part – for any purpose
other than to evaluate this LOI. If, however, a subcontract is awarded to this
Responder as a result of – or in connection with – the submission of this data,
the government or NREL shall have the right to use or disclose the data to the
extent provided in the resulting subcontract. This restriction does not limit
the government or NREL’s right to use information contained in this data if
obtained from another source without restriction. The data subject to this
restriction are contained on pages 2-11, 13-14 and 16 of this LOI.

Statement
  of Work

I.
  BACKGROUND

Vanguard Solar is developing a
  paradigm-shifting technology for the production of high efficiency thin film
  solar cells at manufacturing costs far below anything achieved by the industry
  to-date. The cost reduction comes from both the Company’s technology and from
  its manufacturing plan. 

Vanguard Solar’s patented and
  proprietary technology enables the growth of polycrystalline II-VI
  semiconductor compounds from Chemical Bath Deposition (CBD) at room temperature
  and pressure. Figures I.a-d demonstrate the Company’s breakthrough technology.
  Figure I.a shows a “forest” of CNTs coated with a film of CdSe grown using the
  Company’s patented process1. Figure I.b shows a close-up of the
  sidewall of the forest revealing the conformal, crystalline nature of the film.
  Figure I.c shows the absorbance of the film in I.b and yields the textbook
  value of 1.74eV for hexagonal CdSe2. Figure I.1.d shows a cross
  section of a solid CdSe layer that has been grown from a mat of CNTs. 

Figure
  I.a. CdSe crystalline film on CNTs.

Figure
  I.b. Magnified view of sidewall of CdSe coated CNTs.

Figure
  I.c. Absorbance of film in I.1.b.

Figure
  I.d. Cross section of solid CdSe film on CNTs

The Company can grow the
  semiconductor films on a wide variety of both rigid and highly flexible
  substrates and has the ability to simultaneously optimize performance and cost.
  The substrates of choice will be those that are compatible with standard
  roll-to-roll (RTR) film coating production lines now found worldwide with
  excess capacity - casualties of the growth of digital photography and its
  displacement of photographic film. Vanguard Solar’s manufacturing strategy is
  to develop the (CBD) equipment needed for absorber layer and window layer
  growth and insert it in existing industrial film coating production lines as
  part of a toll-manufacturing contract. The Company has already held discussions
  with several film coating manufacturers and has assurance that seamless
  integration of its equipment into such production lines is indeed 

Use or disclosure of data
  contained on this page is subject to the restriction on the title page of this
  LOI. 

2

possible and in fact represents how
  RTR companies currently operate in the toll manufacturing mode we propose to
  use. Figure I.e shows the basic components of a typical commercial film coating
  manufacturing line with Vanguard Solar’s deposition equipment inserted at the
  appropriate locations. 

Figure
  I.e. Vanguard Solar proposed toll manufacturing process. Company equipment 

  indicated by arrows; all other equipment & facilities are pre-existing

Engineering studies demonstrate the
  cost of the deposition equipment needed to sustain a manufacturing rate of 1
  million square meters per year per film coating line (100-150MW/yr output) at
  between $5M and $7M3. This is about one-twentieth the capital
  expense of setting up an equivalent silicon solar cell production line4.

Materials for the absorber and CNT
  mesh are similarly inexpensive; per square meter costs are estimated to be: Cadmium
  <$0.01; Selenium $0.16; CNTs $0.055. The costs are based on
  growing a one micron thick CdSe layer on and embedding a 0.5 micron thick CNT
  mesh with about 80% open area. 

Further, the Company anticipates
  lower energy costs, reduced equipment costs and faster throughput for module
  fabrication because of its one-piece, pre-monolithically integrated and
  encapsulated cell array. It will avoid expensive wafer pick`n place robotics,
  cell stringing/connecting and separate encapsulent steps 

The combination of low
  semiconductor and module fabrication cost, low operating cost and reduced
  capital expense will enable the Company to accomplish module production at a
  fraction of today’s cost/watt compared not only to silicon modules but also
  especially compared to any of the currently available thin film modules
  (including recent First Solar cost projections). Vanguard Solar believes its
  technology can achieve module energy costs of $0.50-0.60/WattP. 

Vanguard Solar both jointly owns
  and has exclusive rights to the patent awarded to Rice University for
  nucleating and growing semiconductor thin films on the surfaces of carbon
  nanotubes (CNTs) and other fullerenes. The CNTs are used not only as templates
  to initiate the growth of crystalline films on their surfaces, they also serve
  as an interlaced support from which the film growth fronts move outward from
  each nanotube until they ultimately merge to form a solid film; see Figure I.f.

Use or disclosure of data
  contained on this page is subject to the restriction on the title page of this
  LOI. 

3

Same-cnt
  SEM sequence 

  demonstrates ion-by-ion CBD 

  deposition of CdSe in a manner similar 

  to ALD, CVD or MBE.

Figure
  I.f. Sequential hexagonal CdSe crystal growth

Once formed, the solid film
  continues to add thickness until it reaches a desired value. The film fully
  encapsulates the embedded nanotube mesh (see again Figure I.d.) and becomes the
  absorber layer for the cell. (See Figure I.g. for a simple depiction of the
  film and CNT mesh.) A suitable window layer is then added in a straightforward
  CBD process to form a heterojunction. 

Figure
  I.g.

The Company has chosen cadmium
  selenide for the absorber layer and has investigated several potential window
  layer materials. CdSe is a CBD-grown n-type, direct bandgap material. At
  present the cell design uses a CuSe window layer (also a CBD-grown p-type)
  direct bandgap material with a bandgap of 2.66eV6. 

The choice to use CdSe is driven by
  two factors: the nature of the chemistry in the CBD process (based on
  proprietary information the Company has developed) and the predicted maximum
  efficiency in the terrestrial solar spectrum for a 1.74eV bandgap absorber.
  While not at the peak of the plot of efficiency vs. wavelength, calculations
  show such material to be capable of efficiencies in the mid to upper 20% range7.
  Vanguard Solar has estimated that AM1.5 conversion efficiencies in the range
  from 14% to 16% are achievable. Given that open circuit voltage can reasonably
  be expected to reach 60% of the bandgap value, a 1.74eV bandgap implies about
  1V open circuit voltage. 

Use
  or disclosure of data contained on this page is subject to the restriction on
  the title page of this LOI. 

4

Given also that high bandgap
  semiconductors typically have high fill factors, we assumed 80% as our goal for
  device performance. Photocurrent densities in the range 18ma/cm2 to 20ma/cm2
  have been measured on our samples in both the “forest” and mat configuration.
  An efficiency exceeding 20% appears possible with a second generation product
  enhancement that is not part of the current effort. 

Thin films performing in the
  efficiency range cited with the manufacturing costs we have identified directly
  address two of the key TIOs for terrestrial thin film photovoltaic solar energy
  conversion systems: module efficiency and cost, with a major emphasis on cost.
  The KPP’s we expect to achieve by the end of a full pilot line
  demonstration of our technology are 1) an LCOE equal to or less than that
  produced on average by conventional energy sources in the U.S.; 2) the ability
  to maintain an annual manufacturing capacity per line of at least 100MW per
  year; and 3) direct manufacturing costs in the range of $40 to $60 per square
  meter of finished solar blanket material. The solar blanket is defined to be a
  flexible, fully encapsulated, module sized sheet of monolithically
  interconnected cells with specified current and voltage outputs ready for array
  wiring and inverter hookup. 

The KPPs for the current project
  are to demonstrate window layer and absorber films that will produce the open
  circuit voltages, short circuit densities and fill factors necessary to achieve
  device efficiencies in the range cited: Voc = 1.0V; Jsc = 18-20 ma/sq.cm; and
  FF=0.8 or better. The related critical TIO is a prototype cell that achieves at
  least 80% of our targeted commercial cell efficiency of 16% under standard
  terrestrial test conditions. 

The Company expects that its first
  generation product will consist of its solar blanket mounted in a hermetically
  sealed aluminum frame with glass cover analogous to a standard silicon cell
  module. Water ingress-resistant, flexible, transparent (for the top)
  encapsulating materials are not presently available; once such materials are
  available we will augment the rigid frame module with a fully flexible,
  field-deployable product. During the course of this project the Company will
  quantify the cost savings resulting from replacing the cell pick and place,
  tabbing, interconnecting and encapsulating operations and associated equipment
  used for module manufacturing. These are expected to be significant and will
  enhance the cost savings already realized by the lower cost thin film cell
  blanket. The combination of all these cost reductions ensures that the Company
  can meet and ultimately exceed the LCOE KPP cited above. 

The Company’s first generation
  technology will also enable balance-of-system cost reductions. Such system
  costs are driven by module price but also by piece part count, installation
  labor and materials and by the cost of land (or surface area) for large
  grid-connected arrays. Unlike current thin film modules available in the market
  today Vanguard Solar’s product, with its silicon-like efficiencies, will not
  eat into the savings derived from lower module costs by requiring the purchase
  of more modules to reach the same energy output as a standard silicon solar
  array. 

Efficiencies in the range 4% to 5%
  have been measured on prototype small area devices. These measurements serve to
  validate the Company’s basic concept that room temperature growth of electronic
  quality semiconducting films on CNTs is possible with a chemical bath
  deposition process. 

Use
  or disclosure of data contained on this page is subject to the restriction on
  the title page of this LOI.

5

II. OBJECTIVES 

Vanguard Solar to date has
  demonstrated: 

	
  
 	
  
 	
  
 
	
  
 	
 1.
 	
 Nucleation and growth of hexagonal phase CdSe from CNTs in
 a room temperature, ambient pressure, aqueous, chemical bath deposition (CBD)
 process on 0.25 sq.cm areas of multiwall CNTs in forest-like arrays.
 
	
  
 	
  
 	
  
 
	
  
 	
 2.
 	
 CdSe growth scaled up to 10sq.cm area bucky papers.
 
	
  
 	
  
 	
  
 
	
  
 	
 3.
 	
 Growth of absorber layer/window layer combinations on
 10sq.cm bucky paper substrates.
 
	
  
 	
  
 	
  
 
	
  
 	
 4.
 	
 CdSe layer growth scaled up to 130 sq.cm bucky paper
 substrates.
 
	
  
 	
  
 	
  
 
	
  
 	
 5.
 	
 Small area efficiencies up to 5%.
 

This project has the following
objective: 

To move key elements of the
Company’s technology from its current proof-of-concept stage to fabrication of
multiple numbers of prototype cells with performances approaching that required
for commercial production devices. We are specifically targeting efficiencies
greater than or equal to 12%, representing 80% of our projected commercial cell
efficiency and more than double our current performance level. 

While the Company believes it has
paradigm-changing technology that will result in polysilicon/silicon-like
module efficiencies at costs low enough to meet or exceed SAI LCOE targets,
there are several developments that must be completed to achieve that goal. The
project will address the following TIOs that lie on the critical path: 

	
  
 	
  
 	
  
 
	
  
 	
 1.
 	
 Absorber efficiency
 
	
  
 	
  
 	
  
 
	
  
 	
 2.
 	
 Cell efficiency and cost
 
	
  
 	
  
 	
  
 
	
  
 	
 3.
 	
 Module cost
 

The KPPs that measure progress
toward each of the above TIOs are the following: 

	
  
 	
  
 	
  
 	
  
 
	
  
 	
 1.
 	
 Large area CdSe films on nanostructured back contacts on
 flexible substrates and window layer films with electronic properties that
 demonstrate the ability to achieve the following KPPs: 
 
	
  
 	
  
 	
  
 
	
  
 	
  
 	
 a.
 	
 1.0V open circuit voltage 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 b.
 	
 18-20 mamps/sq.cm short circuit current densities 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 c.
 	
 0.80 fill factor 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 2.
 	
 Predicted module costs based on achieved measured cell
 performance values and validated computer models for manufacturing cost
 analysis that enable PV systems using this technology to equal or exceed
 currently cited LCOE values. 
 

III. SCOPE OF WORK 

The scope of work for the project
has been broken down into five (5) task sets. Key resources, including
Lower-tier subcontractors, responsible for each task are identified. 

Task 1: Nanostructured Back
Contact Development (Vanguard Solar – Dr. Dennis Flood/Lockheed Martin
Nanosystems – Dr. Andrew Guzelian) 

	
  
 	
  
 
	
  
 	
 Objective: Develop flexible substrate with
 nanostructured back contact suitable for use in presently existing commercial
 roll-to-roll film processing pilot line. 
 
	
  
 	
  
 
	
  
 	
 TIO addressed: Cell and module efficiency 
 
	
  
 	
  
 
	
      Subtask 1.1: 
 
	
  
 	
  
 
	
  
 	
 Determine requirements for, screen, characterize and
 select CNTs for use in nanostructured back contact and for nucleation of CdSe
 film growth using Vanguard Solar’s patented CBD process. 
 

Use
or disclosure of data contained on this page is subject to the restriction on
the title page of this LOI.

6

	
  
 	
  
 	
  
 
	
      Subtask 1.2:
 
	
  
 	
  
 	
  
 
	
  
 	
 Determine requirements for, screen, characterize and
 select conductive substrate suitable for deposition of CNT mat to form
 nanostructured solar cell back contact. Subtask 1.3: 
 
	
  
 	
  
 	
  
 
	
  
 	
 Demonstrate a fully assembled, flexible conductive
 substrate with CNT mat suitable for use in CBD RTR processing. 
 
	
  
 	
  
 	
  
 
	
  
 	
 R&D procedures for Task 1:
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Establish criteria for electrical, electronic and mechanical
 properties of the back contact/substrate material. 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Examine electrical and mechanical properties of potential
 conductive substrates. 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Investigate multiple methods for CNT mesh formation,
 including spray on, roll on, printing and use of a preformed mesh. 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Select CNT mesh/conductive substrate combination(s) that
 meet criteria. 
 
	
  
 	
  
 	
  
 
	
  
 	
 Risk factor(s) addressed: 1) CNTs adhere well to
 one another, but poorly to metallic surfaces. Nanostructured back contact
 must remain intact through subsequent chemical bath immersions; 2) improved
 thin absorber layer light collection and reduced electron-hole recombination
 
	
  
 	
  
 	
  
 
	
 Task 2: Film Manufacturing Process Development (Vanguard
 Solar – Dr. Dennis Flood/Chasm Technologies – Dr. John Ferguson) 
 
	
  
 	
  
 	
  
 
	
  
 	
 Objective: Demonstrate simulated RTR deposition of
 suitable CdSe absorber layer and selected window layer(s) on substrate(s)
 from Task 1 using Vanguard Solar’s patented CBD process. 
 
	
  
 	
  
 	
  
 
	
  
 	
 TIO addressed: Cell cost. 
 
	
  
 	
  
 	
  
 
	
      Subtask 2.1: 
 
	
  
 	
  
 	
  
 
	
  
 	
 Develop, build and test pre-pilot scale hardware to
 simulate RTR CBD of CdSe nanostructured absorber layer and selected window
 layers. Incorporate results from Task 3 when available. 
 
	
  
 	
  
 	
  
 
	
      Subtask 2.2: 
 
	
  
 	
  
 	
  
 
	
  
 	
 Demonstrate pre-pilot scale RTR CBD process parameters
 required to achieve optimum absorber layer and window layer performance under
 standard laboratory AM1.5 solar test conditions. 
 
	
  
 	
  
 	
  
 
	
  
 	
 R&D procedures for Task 2: 
 
	
  
 	
  
 	
  
 
	
  
 	
 Build and test a chemical bath solution tank capable of
 maintaining constant bath concentrations using minimum solution volume to
 achieve full CdSe layer thickness desired with minimum dwell time in tank. 
 
	
  
 	
  
 	
  
 
	
  
 	
 Risk factor addressed: Non-uniformity of film
 growth, slow RTR line speed. 
 
	
  
 	
  
 	
  
 
	
 Task 3: Chemical Bath Optimization (Vanguard Solar
 – Dr. Dennis Flood/Rice University – Dr. Andrew Barron, Post-Doctoral
 Researcher)
 
	
  
 	
  
 	
  
 
	
  
 	
 Objective: Develop CBD process parameters for
 growing absorber layer and window layer films with optimized performance,
 maximum film growth rates and minimum materials waste. 
 
	
  
 	
  
 	
  
 
	
  
 	
 TIO addressed: Cell efficiency 
 

Use
or disclosure of data contained on this page is subject to the restriction on
the title page of this LOI.

7

	
  
 	
  
 
	
      Subtask 3.1: 
 
	
  
 
	
  
 	
 Determine CBD solution components and concentrations
 required to demonstrate high efficiency devices and highly efficient
 materials utilization. 
 
	
  
 	
  
 
	
      Subtask 3.2: 
 
	
  
 
	
  
 	
 Investigate use of elevated temperatures to accelerate
 growth rates of absorber and window layers. 
 
	
  
 	
  
 
	
      Subtask 3.2: 
 
	
  
 
	
  
 	
 Investigate recovery and recycling of CBD solution
 components. 
 
	
  
 	
  
 
	
  
 	
 R&D procedures for Task 3: 
 
	
  
 	
  
 
	
  
 	
 Use static bath setup to explore alternate chemical
 precursors and effects of deposition temperature on film growth rates;
 analyze films via SEM, TEM, XPS, XRD, other. 
 
	
  
 	
  
 
	
  
 	
 Risk factor(s) addressed: 1) Insufficient line
 speed to meet annual production goals in a single film coating line; 2) ESH
 & recycling compliance; 3) materials costs.
 
	
  
 	
  
 
	
 Task 4: Module Assembly and Cost Studies (Vanguard
 Solar – Mr. John Palmer/Spire Corporation – Mr. Michael Nowlan, Mr. Robert
 Bradford) 
 
	
  
 
	
  
 	
 Objective: Determine manufacturing steps and
 related costs required to integrate Vanguard Solar’s flexible thin film
 blanket into standard aluminum frame/glass cover module assemblies. 
 
	
  
 	
  
 
	
  
 	
 TIO addressed: Module costs 
 
	
  
 	
  
 
	
      Subtask 4.1: 
 
	
  
 
	
  
 	
 Use existing computer model for manufacturing process flow
 and cost analysis to assess impact of substituting module-sized Vanguard
 Solar thin film blanket for pick and place silicon cell panel assembly. 
 
	
  
 	
  
 
	
      Subtask 4.2: 
 
	
  
 
	
  
 	
 Assess impact on full system installation costs using
 Vanguard Solar modified Spire (SpiVS) modules, predict LCOE for grid-tied
 central utility and commercial rooftop arrays.
 
	
  
 	
  
 
	
  
 	
 R&D procedures for Task 4:
 
	
  
 	
  
 
	
  
 	
 Modify existing computer modeling capability as needed to
 predict and compare module costs using Vanguard Solar technology 
 
	
  
 	
  
 
	
  
 	
 Risk factor addressed: Ability to meet LCOE goals
 with Vanguard Solar module technology. 
 
	
  
 	
  
 
	
 Task 5: Device Development and Characterization (Vanguard
 Solar – Dr. Dennis Flood, Mr. John Palmer/Rice University – Dr. Andrew
 Barron, Post-Doctoral Researcher) 
 
	
  
 
	
  
 	
 Objective: Demonstrate prototype cell with
 efficiencies equal to or greater than 12% (80% of targeted 15% commercial
 cell efficiency) on nanostructured back contact selected in Task 1. 
 
	
  
 	
  
 
	
      Subtask 5.1: 
 
	
  
 
	
  
 	
 Demonstrate separate absorber layers and window layers
 with desired electrical, optical and electronic properties to achieve desired
 cell performance. 
 
	
  
 	
  
 
	
      Subtask 5.2: 
 
	
  
 
	
  
 	
 Investigate and select potential transparent top contact
 materials compatible with p-type window layer selected in subtask 5.1 
 
	
  
 	
  
 
	
      Subtask 5.3: 
 
	
  
 
	
  
 	
 Fabricate prototype devices incorporating optimized
 absorber layer, window layer and top contact required to achieve 12%
 efficiency under standard test conditions at NREL. 
 

Use
or disclosure of data contained on this page is subject to the restriction on
the title page of this LOI.

8

	
  
 	
  
 
	
  
 	
 R&D procedures for Task 5: Fully characterize
 films grown in Task 3 using standard materials science and electronic
 materials analytical techniques such as SEM, TEM, XPS, standard electronic
 properties measurements and standard solar cell diagnostic measurements. 
 
	
  
 	
  
 
	
  
 	
 Risk factor addressed: Achieving critical cell efficiency
 TIO by demonstrating KPP of at least 12% efficiency under standard
 terrestrial measurement conditions. 
 

IV. Deliverables and Project
Plan 

Funding resources required by task
are as follows: 

	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Task 1 - $200K
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Task 2 - $150K
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Task 3 - $100K
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Task 4 - $75K
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Task 5 - $100K
 

Total funding required - $625K.
Team will provide a total of $125K price participation; NREL contract amount
requested - $500K. 

	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 
	
 Task Plan and
 Milestone Schedule
 
	
 Month:
 	
 1
 	
 2
 	
 3
 	
 4
 	
 5
 	
 6
 	
 7
 	
 8
 	
 9
 	
 10
 	
 11
 	
 12
 
	  	  	  	  	  	  	  	  	  	  	  	  	  
	
 Task:
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 
	
 Task 1 Nano-Back Contact
 	
 ^
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 v
 	
  
 	
  
 	
  
 
	
 Task 2 Film Mfg. Process
 	
 ^
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 v
 	
  
 	
  
 
	
 Task 3 CBD Optimization
 	
 ^
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 v
 
	
 Task 4 Module Assy & Costs
 	
  
 	
  
 	
  
 	
 ^
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 v
 
	
 Task 5 Device Fab & Testing
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
 ^
 	
 ...
 	
 ...
 	
 ...
 	
 ...
 	
 v
 
	
 Quarterly Technical
 	
  
 	
  
 	
 R
 	
  
 	
  
 	
 R
 	
  
 	
  
 	
 R
 	
  
 	
  
 	
  
 
	
 Progress
 Report (R)
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 
	
 Draft/Final Technical
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
 R
 
	
 Progress
 Report (R)
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 
	
 Prototype (P)
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 	
 P
 

	
  
 	
  
 	
  
 	
  
 	
  
 	
  
 
	
  
 	
 Deliverable
 	
  
 	
 Due Date
 	
  
 	
 % of Subcontract Price
 
	
  
 	  	
  
 	  	
  
 	  
	
 *
 	
 Hardware Baseline
 	
  
 	
 1st Month
 	
  
 	
 20% of subcontract
 
	
 *
 	
 Task 1 (Sub 1.1 & 1.2)
 	
  
 	
  
 	
  
 	
  
 
	
  
 	
 Task 2 (Sub 2.1)
 	
  
 	
 6th Month
 	
  
 	
 15% of subcontract
 
	
 *
 	
 Task 1 (Sub 1.3)
 	
  
 	
  
 	
  
 	
  
 
	
  
 	
 Task 2 (Sub 2.2)
 	
  
 	
  
 	
  
 	
  
 
	
  
 	
 Task 3
 	
  
 	
 9th Month
 	
  
 	
 15% of subcontract
 
	
 *
 	
 Prototype
 	
  
 	
 12th Month
 	
  
 	
 30% of subcontract
 
	
 **
 	
 Quarterly Report
 	
  
 	
 3rd Month
 	
  
 	
 5% of subcontract
 
	
 **
 	
 Quarterly Report
 	
  
 	
 6th Month
 	
  
 	
 5% of subcontract
 
	
 **
 	
 Quarterly Report
 	
  
 	
 9th Month
 	
  
 	
 5% of subcontract
 
	
 **
 	
 Final Report
 	
  
 	
 12th Month
 	
  
 	
 5% of subcontract
 

	
  
 	
  
 
	
 _______________
 
	
 (*
 	
 Price allocated to% of work effort associated with this
 deliverable) 
 
	
 (**
 	
 Total of these deliverables must not exceed 20% of the
 total subcontract price) 
 

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or disclosure of data contained on this page is subject to the restriction on
the title page of this LOI.

9

Business
  Strategy

This ‘Pre-Incubator’ program will
  enable Vanguard Solar to move its innovative technology forward to a
  pilot-ready production capability. Through accomplishment of the project’s
  TIOs, the company will have developed several critical capabilities required
  for prototype production: 

	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Selection/sourcing of optimum carbon nanotube and
 conductive substrate materials 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Development of RTR-compatible CBD process 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Optimum CBD processes for Absorber and Window Layer films 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Module design and fabrication processes and cost
 projections 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Prototype device fabrication and characterization 
 

These capabilities will directly
leverage our technology into manufacturing scale-up. 

At this stage product develop then
moves quickly to pilot production development. The Company intends to
incorporate Vanguard Solar’s film production directly into existing
industrial-scale roll-to-roll film coating facilities for toll manufacturing.
Vanguard Solar is in discussions with Eastman Kodak and other film coating
production companies; the Company and Kodak anticipate partnering for
subsequent participation in NREL’s ‘Incubator Program’ upon successful
completion of this Pre-Incubator project. 

Studies conducted to date demonstrate
relatively modest equipment requirements for establishing a Vanguard Solar
production line within existing contract film-coating companies like Kodak.
Substantial film production capacities – on the order of 100-200MW – can be
produced from a single line with an equipment investment of between $5-7
million ... roughly one-twentieth the cost of a dedicated PV cell plant. And this
‘line capacity’ can be duplicated quickly and cheaply around the world. This is
possible because this CBD technology operates at room temperature and pressure
and fits into pre-existing roll-production facilities,
accelerating the normal two-year factory construction schedule (and $100
million investment) to as little as six-months for Vanguard Solar. 

This manufacturing strategy – using
existing film production capacity (photographic, printing, packaging, etc.) –
enables contracted plants to maintain jobs currently at risk and train
‘old-production’ employees in the new technologies of solar energy and
nanotechnology. There are over 200 plants in the US alone where such capacities
– and jobs at risk – exist. Retaining these manufacturing jobs while training
these employees for the new industries of the future is a major – and unique -
benefit of Vanguard Solar’s technology! 

Competitive Advantage The
Vanguard Solar PV module will provide competitive advantages to the solar
energy marketplace in four ways:

Low PV Electricity Costs. The low materials and production costs of Vanguard Solar’s PV film, along with
its high efficiency profile, will enable LCOE targets to not only be achieved
on an accelerated basis but also to be exceeded. Further, simplified module
assembly and lower related equipment and factory investment charges will
support total ‘module costs’ for LCOE goals. 

Rapid & Large Production
Capacity. Our innovative process and using existing very-large-scale
facilities can quickly scale up to produce global-scale PV capacities with
minimal time and investment compared to all existing technologies. This
capability is flexible, can be duplicated quickly across all geographic regions
of the world at low investment risk. 

Balance of System Costs Reduced.
Versus other thin-film modules, Vanguard Solar will reduce Balance of System
costs in two ways: 

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or disclosure of data contained on this page is subject to the restriction on
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10

	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Higher Space Efficiency ... fewer Vanguard Solar PV
 modules are needed for a given installation space and/or for given energy
 goal ... means lower installation costs and lower ‘real estate’ costs per watt; 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Lower Piece Count ... fewer Vanguard Solar modules to
 interconnect, fewer inverters required, less array yield losses ... means lower
 array maintenance costs for same space or output. 
 

Highly Flexible = Innovative
Uses. The low temperature process of this technology enables use of
innovative materials (e.g., conductive and transparent polymers) as
alternatives to glass, ITO and stainless steel for use in conformally flexible
applications. Such novel PV materials – enhanced by Vanguard Solar’s high
and stable efficiency (e.g., vs. Konarka) - can open entirely new
markets. Discussions are on-going with Lockheed Martin and Honda regarding
aeronautic and automotive vehicle applications (Lockheed Martin Nanosystems’
role as a Lower-tier Subcontractor in this project reflects Lockheed Martin’s
corporate interests). 

Target Markets Vanguard
Solar’s innovative thin-film material will support all forms of ‘module’
formatted product specifications. Thus it will target all major PV markets – Residential
and Commercial/Industrial Rooftops and Utility Markets. The film
is highly stable (unlike OPV systems), it is highly efficiency (unlike most
thin-films) and lightweight and durable. It can be fitted into rigid framed
modules of all sizes and/or rolled out with existing (and future) TCO
materials. Its flexibility, durability and stability also make it ideal for
building-integrated (BIPV) applications.

Potential Risks The
key risk to this program is scaling up the CBD process – to be addressed by
this funding project. Lab scale film quality and performance has been
demonstrated, confirming the capabilities of the materials and the concept of
Vanguard Solar’s cell design. Large scale chemical bath deposition has been
broadly demonstrated in other industries and in huge industrial roll-to-roll
processes. We will adapt these techniques to the company’s materials – CNTs,
CdSe, etc. – to generate similarly large PV supplies.

Market Interest
Numerous potential customers and partners have expressed interest in - and many
are now working with - Vanguard Solar to develop its unique photovoltaic
product: 

	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 For testing when prototype available: SunEdison, UPC Solar
 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 For module fabrication design: Spire Corporation 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 For space/aeronautical applications: Lockheed Martin 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 For automotive/transportation applications: Honda 
 
	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 For pilot and commercial production: Eastman Kodak 
 

Kleiner Perkins (KPCB) - an
investor in Vanguard Solar - has numerous energy & utility contacts
appraised of Vanguard Solar’s technology who are prepared to work with us as
our prototype becomes available (including the energy & ‘cleantech’ sector
assistance of Vice President Al Gore and General Colin Powell, who are KPCB
Partners). 

Environmental Compliance Three
factors support the company operating in an environmentally safe manner: 

	
  
 	
  
 	
  
 
	
  
 	
 1.
 	
 Company films produced by existing permit-holding film
 manufacturers 
 
	
  
 	
  
 	
  
 
	
  
 	
 2.
 	
 Large-scale II/VI materials protocols by NREL and First
 Solar are known/demonstrated 
 
	
  
 	
  
 	
  
 
	
  
 	
 3.
 	
 Process is low-temperature/non-vapor (easy containment)
 and completely recyclable 
 

Use
or disclosure of data contained on this page is subject to the restriction on
the title page of this LOI.

11

References
  and Bibliography

	
  
 	
  
 
	
 1.
 	
 US Patent 7,253,014, “Fabrication of light emitting film
 coated fullerenes and their application for in-vivo light emission.” 
 
	
  
 	
  
 
	
 2.
 	
 “Properties of Wide Bandgap Semiconductors”, R. Bhargava,
 Ed. INSPEC, London, UK 1997. Absorbance data courtesy of R. Raffaelle,
 Rochester Institute of Technology. 
 
	
  
 	
  
 
	
 3.
 	
 Chasm Technologies, Inc., Westwood, MA, study November,
 2007 and preliminary equipment specification discussions with Infinity
 Precision, LLC., Chanhassen, Minnesota, February, 2008. 
 
	
  
 	
  
 
	
 4.
 	
 Solar Buzz Website. 
 
	
  
 	
  
 
	
 5.
 	
 US Geological Survey database re: Cadmium and Selenium;
 ten-year price data and several laboratory and industry chemical supplier
 communications, October 2007 through November 2008. Re: Carbon Nanotubes,
 costs based on averaged data from numerous commercial MWNT productions. 
 
	
  
 	
  
 
	
 6.
 	
 Ambade, et al, Applied Surface Science 253 (2006)
 2,123-2,126. 
 
	
  
 	
  
 
	
 7.
 	
 Nelson, Jenny, “The Physics of Solar Cells”, Imperial
 College Press (2003), London, UK, Page 33. 
 

Use
or disclosure of data contained on this page is subject to the restriction on
the title page of this LOI.

12

Resumes

Vanguard Solar
  (Responder) 

Vanguard Solar is a two-year-old
  startup company commercializing technology developed by its technical founders
  at Rice University and NASA. Its team has extensive and complimentary
  experience in both the PV and the related nano-chemistry technologies involved
  and all individuals have substantial government contract experience – both
  inside and outside government itself. The company’s technology is now well-positioned
  for this Pre-Incubator opportunity. Principal project resources: 

Dr. Dennis Flood –
  Co-Founder/EVP/Chief Technology Officer, PhD, Physics, Michigan State U.
  33-year career at NASA/Glenn in power systems, 24 years in photovoltaics
  R&D, 16 years as Branch Chief, Photovoltaic Branch. Extensive management
  responsibility for both terrestrial and space-based power/solar technology
  projects. Responsible for NASA worldwide photovoltaic R&D, including
  establishing the international technical advisory body for the ISO for solar
  cell measurement and calibration. Over 90 articles/publications in advanced
  solar cell R&D. Organized/chaired first IEEE World Conference on PV Energy
  Conversion, chaired WCPEC Int’l. Advisory Committee and serves on several national
  and international PV-related technical and policy organizations. 

Dr. Andrew Barron –
  Co-Founder/Science Advisor, Endowed Chair, Chemistry, Professor of Materials
  Science, Rice University. PhD. & D.I.C., Imperial College of Science and
  Technology, U. of London. Fellow, Royal Society of Chemistry, Scientific
  Advisor to The Library of Congress. Research interest: development of soft
  chemical approaches to nanomaterial fabrication. Extensive patents and over 100
  publications in field of inorganic chemistry and nanomaterials; recruited to
  Rice by Dr. Richard Smalley (Nobel Laureate – ‘Buckyballs’). Substantial and
  ongoing work with ARPA, DOE, EPA, NSF, NASA, and ONR. Founder/Co-founder of
  five commercial technology companies 

John Palmer – Co-Founder,
  Chief Executive Officer, MBA, Wharton School, University of Pennsylvania.
  Thirty years technology management, marketing, business development, including
  17 years at biotech leader Biogen Idec, last as SVP/GM Immunology Business
  Unit. Manufacturing and supply chain creation and management and international
  startup operations in Europe, Asia and Australia. 

Lockheed Martin Nanosystems
  (Lower-tier subcontractor) 

Lockheed Martin Nanosystems
  specializes in electrical and optical applications of nanomaterial coatings and
  films. It has extensive experience with many US government contracting
  agencies – as does its parent, Lockheed Martin Corporation – and will aid
  Vanguard Solar in optimizing the carbon nanotube/conductive substrate ‘ back
  contact’ film for the Chemical Bath Deposition process. Project resources: 

Dr. Andrew Guzelian – Staff
  Scientist, PhD., Chemistry, U. of California, Berkeley (Dr. Paul Alivisatos),
  MBA, Babson College. R&D on carbon nanotube materials including nanotube
  surface chemistry, thin film deposition and electrical and optical properties.
  Patents & publications in field of chemical coatings/films on
  nanostructures for electrical and photovoltaic properties. Experience in
  production of CMOS-grade carbon nanotube solutions and research at Office of
  Naval Research in optical applications of semiconductor nanocrystals. 

Use
  or disclosure of data contained on this page is subject to the restriction on
  the title page of this LOI.

13

Particular expertise in nanotube
  surface chemistry, dispersion behavior and thin film deposition. Prior
  experience working with Vanguard Solar (Responder) technology and scientists. 

Chasm Technologies
  (Lower-tier subcontractor) 

Chasm Technologies is a
  roll-to-roll production engineering design and development company, with
  extensive background in film/film coating and wet chemistry production systems
  at large scale. The company – and key individuals involved with Vanguard Solar
  – have worked on many US government-contracted projects in several fields,
  including with other PV-related companies, and will assist in developing a
  scaleable RTR process for the Responder’s novel Chemical Bath Deposition
  process. Project resources: 

Bob Praino – Co-Founder, MS,
  Chemical Engineering, Worcester Polytechnic Institute, MBA, Boston University.
  20 years Polaroid Corporation plus 10 years in related coating, thin film and
  automated process control technologies. Focus on web handling, fluid
  interfacial science and process drying. Experience as Plant Manager for $200
  million coating manufacturing facility, including design, construction and
  start-up. Extensive current work in nanomaterial-based films, displays,
  electronic and optical coatings. 

Dr. John Ferguson - Senior
  Scientist, PhD. Chemistry, Brandeis University. R&D on nanoparticle
  dispersion and nanotube nucleation kinetics. 30 years Polaroid Corporation,
  inorganic film deposition, process engineering and tech transfer, manufacturing
  plant scale-up of numerous roll-to-roll film coating processes. Particular
  expertise in inorganic crystalline film nucleation processes and production
  systems and extensive work with carbon nanotube materials. 

Spire Corporation
  (Lower-tier subcontractor) 

Spire Corporation is a world
  leading designer and supplier of PV module equipment and facilities globally
  and a major competitor in every form of PV technology. The company has
  extensive and successful experience in contracting with numerous government
  agencies. Its role with Vanguard Solar will be to assist in the design of
  module production systems compatible with this innovative technology and to
  prepare manufacturing plans for subsequent commercial operations. Project
  resources: 

Michael Nowlan – Advanced
  Technology Manager. B.A., Physics, U. Massachusetts-Boston. Engineering and
  development supervision for improving photovoltaic module production techniques
  and design of related automated production lines for module manufacturing. 25
  years experience in PV module fabrication. Patents and numerous publications.
  Responsible for assessment, design and incorporation of all new module-related
  technologies and production concepts. Extensive experience with modularization
  of thin film photovoltaics, including use of flexible panel materials, and in
  cell interconnecting, encapsulation, framing and module testing. 

Robert Bradford – PV Module
  Product and Line Leader. B.S. Industrial Engineering/Operations Research, U.
  Massachusetts-Amherst, MBA, Northeastern U. Product development project
  management, including cost modeling, for PV module manufacturing operations for
  new technologies and fabrication facility design and start-up. Supervisor for
  engineering and development efforts for automated production lines for
  crystalline and thin film PV module manufacturing. 25 years engineering/design
  experience at Spire, Helix Technology and General Electric Company. 

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  or disclosure of data contained on this page is subject to the restriction on
  the title page of this LOI.

14

List
  of Contracts

Vanguard Solar has no NREL
  contract(s) currently and has not been awarded any US Government contracts in
  the past five years. 

Use
  or disclosure of data contained on this page is subject to the restriction on
  the title page of this LOI.

15

Price
  Summary Sheet

	
  
 	
  
 	
  
 	
  
 
	
  
 	
 Description
 	
  
 	
 12-Month Total
 
	
  
 	  	
  
 	  
	
  
 	
  
 	
  
 	
  
 
	
 A.
 	
 Direct Materials ($)
 	
  
 	
 $50K
 
	
  
 	
  
 	
  
 	
  
 
	
 B.
 	
 Direct Labor ($)
 	
  
 	
 $125K
 
	
  
 	
  
 	
  
 	
  
 
	
 C.
 	
 Labor Overhead & Fringe ($)
 	
  
 	
 $25K
 
	
  
 	
 (Specify Rates)
 	
  
 	
 (20%)
 
	
  
 	
  
 	
  
 	
  
 
	
 D.
 	
 Special Testing ($)
 	
  
 	
 $25K
 
	
  
 	
  
 	
  
 	
  
 
	
 E.
 	
 Equipment ($)
 	
  
 	
 $15K
 
	
  
 	
  
 	
  
 	
  
 
	
 F.
 	
 Travel ($)
 	
  
 	
 $30K
 
	
  
 	
  
 	
  
 	
  
 
	
 G.
 	
 Consultant(s) ($)
 	
  
 	
 $20K
 
	
  
 	
  
 	
  
 	
  
 
	
 H.
 	
 Lower-Tier Subcontractor(s) ($)
 	
  
 	
 $290K
 
	
  
 	
  
 	
  
 	
  
 
	
 I.
 	
 Other Direct Costs ($)
 	
  
 	
 $30K
 
	
  
 	
  
 	
  
 	
  
 
	
 J.
 	
 G&A ($)
 	
  
 	
 $15K
 
	
  
 	
 (Specify Rate)
 	
  
 	
 (2%)
 
	
  
 	
  
 	
  
 	
  
 
	
 K.
 	
 TOTAL PRICE ($)
 	
  
 	
 $625K
 
	
  
 	
  
 	
  
 	
  
 
	
 L.
 	
 Responder’s Price Participation
 	
  
 	
 $125K
 
	
  
 	
  
 	
  
 	
  
 
	
 M.
 	
 NREL’s Price Participation
 	
  
 	
 $500K
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
  
 	
  
 

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or disclosure of data contained on this page is subject to the restriction on
the title page of this LOI.

16

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