Document:

Blue Sphere Corporation S-1/A

 

 Exhibit 10.10 

 AMENDMENT TO THE SHARE PURCHASE
AGREEMENT DATED May 14 2015  

 By and between 

 Bluesphere Pavia S.r.l., (formerly
Bluesphere Itala S.r.l.) a limited liability company incorporated and existing under the laws of Italy, having its registered
office at Corso G. Matteotti, 1, 20122 — Milan, Italy, Italian Tax Code and VAT No. 09084920967, represented by Mr. Roy
Amitzur, born in [] on [], acting as director duly empowered for the purposes hereof by resolution of the board of directors dated
1 December 2015 (hereinafter referred to as the “BUYER”); 

 - on one side - 

 and 

 Volteo Energie S.p.A.,., incorporated
and existing under the laws of Italy, having its registered office at Via Privata Bensi Giovanni 12/3, 20152 — Milan, Italy,
Italian Tax Code and VAT No. 06375370969, represented by Flavio Raimondo, duly authorized by resolution of the Board of Directors
of May 13, 2015, duly empowered for the purposes hereof (hereinafter referred to as the “VOLTEO”); 

 Agriholding S.r.l., a company
incorporated and existing under the laws of Italy, having its registered office at Via Durini 27, 20122 - Milan, Italy, Italian
Tax Code and VAT No. 07447890968, represented by Mr. Davide Longo, born in Vigevano (PV), Italy on April 11th, 1962, acting as
legal representative, duly empowered for the purposes hereof (hereinafter referred to as “AGRIHOLDING”); 

 Overland S.r.l., a company
incorporated and existing under the laws of Italy, having its registered office at Via del Carmine 2/A, 27029 - Vigevano (PV),
Italy, Italian Tax Code and VAT No. 01926930189, represented by Mr. Luca Brindisi, born in Vercelli on (VC), Italy on October
29th, 1975, acting as legal representative, duly empowered for the purposes hereof (hereinafter referred to as “OVERLAND”); 

 (hereinafter, VOLTEO, AGRIHOLDING and OVERLAND, collectively
referred to as the “SELLERS”); 

 - on the other side - 

 (hereinafter, the BUYER and the SELLERS,
collectively referred to as the “PARTIES” and individually as the “PARTY”). 

 WHEREAS: 

 A.        

 on May 14, 2015 the Parties
entered into a Share Purchase Agreement (hereinafter the “SPA”) for the sale and purchase of 100% of the share
capital of Agricerere S.r.l. societa agricola, Agrielektra S.r.l. societa agricola, Agrisorse S.r.l. societa agricola, societa
agricola Gefa S.r.l. (hereinafter, Agricerere, Agrielektra, Agrisorse and Gefa, collectively referred to as the “SPVs”); 

 B.        

 by written communication dated
July 3151 VOLTEO, on behalf of the SELLERS, informed BUYER that on July 15, 2015 in the plant owned by Agricerere (hereinafter
the “TROMELLO PLANT”) the trench and the digestate tank had been seized by order of the Public Prosecutor Office
of Pavia and a criminal process for violation of Article 256, lg paragraph of DLGS 152/2006 had been started against the legal
representative of Agricerere, Mr. Raffaele Vanni; 

 C.        

 subsequently, the Public Prosecutor
has authorized the performance of certain works on the TROMELLO PLANT indicated by his appointed expert to solve the leakage problems
allegedly causing pollution of the ground (the “PUBLIC PROSECUTOR WORKS”) 

 D.        

 the PUBLIC PROSECUTOR WORKS
have been completed during November 2015 and Agricerere obtained the release of the seizure, therefore the TROMELLO PLANT’s
tank and trench are no more under seizure; 

    	 

    	 

    

   

 E.        

 Under Italian Law, the contravention
contemplated by Article 256, 1st paragraph of D.LGS 152/2006 and contested against the legal representative of AGRICERERE (the
“TROMELLO CRIMINAL CASE”), can be extinguished with the payment of a fine (“oblazione”) (circumstances
under recitals B, C, D and E to be referred to as the “TROMELLO SITUATION”); 

 F.        

 the Pavia Province during
2013 and 2015 performed some inspections on the plants owned by the four SPVs and it served the following notices (collectively,
the “PROVINCE NOTICES”): 

 1.        

 to Agricerere: 

 (a)        

 notice no. 3/2014, issued on
February 21, 2014 (copy of which is attached hereto as Exhibit F.1(a), accordingly to the inspection carried out on September
30, 2013, as described under report AMBVI / 2013/1172. This notice assessed a fine to be paid for the total amount of EUR 682.15,
entirely settled; 

 (b)        

 notice no. 16/2015, issued
on August 25, 2015 (copy of which is attached hereto as Exhibit F.1(b), accordingly to the inspection carried out on August
25, 2015, as described under report no. 633. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

 (c)        

 notice no. 17/2015, issued
on August 25, 2015 (copy of which is attached hereto as Exhibit F.1(c), accordingly to the inspection carried out on August
25, 2015, as described under report no. 633. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

 (d)        

 notice no. 18/2015, issued
on August 25, 2015 (copy of which is attached hereto as Exhibit F.1(d), accordingly to the inspection carried out on August
25, 2015, as described under report no. 633. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

 2.        

 to Agrisorse: 

 (a)        

 notice no. 4/2014, issued on
February 21, 2014 (copy of which is attached hereto as Exhibit F.2(a), accordingly to the inspection carried out on September
30, 2013, as described under report AMBVI / 2013/1170. This notice assessed a fine to be paid for the total amount of EUR 682.15,
entirely settled ; 

 (b)        

 notice no. 12/2015, issued
on August 13, 2015 (copy of which is attached hereto as Exhibit F.2(b), accordingly to the inspection carried out on August
12, 2015, as described under report no. 616. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

 (c)        

 notice no. 13/2015, issued
on August 13, 2015 (copy of which is attached hereto as Exhibit F.3(c), accordingly to the inspection carried out on August
12, 2015, as described under report no. 616. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

 (d)        

 notice no. 14/2015, issued
on August 13, 2015 (copy of which is attached hereto as Exhibit F.2(d), accordingly to the inspection carried out on August
12, 2015, as described under report no. 616. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

    	 

    	 

    

   

 (e)        

 notice no. 15/2015, issued
on August 13, 2015 (copy of which is attached hereto as Exhibit F.2(e), accordingly to the inspection carried out on August
12, 2015, as described under report no. 616. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

 (f)        

 According to the abovementioned
notices under recital F paragraph 2 (b), (c), (d) and (e), on August 28, 2015 the Pavia Province issued a notice of initiation
of a proceeding against Agrisorse under Articles 167 and 181 of Legislative Decree no. 42/2004, for some alleged breach of the
relevant applicable law (copy of which is attached hereto as Exhibit F.2(fl(i). Accordingly, a request for a declaration
of landscape compatibility was filed by Agrisorse On October 30, 2015 (record no. 71908) (copy of which is attached hereto as
Exhibit F.2(f)(ii). The Pavia Province replied on November 17, 2015 (record no. 75870), informing Agrisorse about the beginning
of landscape compatibility certification procedure (copy of which is attached hereto as Exhibit F.2(f)(iii) 3.to GEFA: 

 (a) 
  

 notice no. 19/2015, issued on
August 25, 2015 (copy of which is attached hereto as Exhibit F.3(a), accordingly to the inspection carried out on August
12, 2015, as described under report no. 634. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

 (b) 
  

 notice no. 20/2015, issued on
August 25, 2015 (copy of which is attached hereto as Exhibit F.3(b), accordingly to the inspection carried out on August
12, 2015, as described under report no. 634. This notice assessed a fine to be paid for the total amount of EUR 682.15, entirely
settled and requested the performance of certain works; 

 (e)        

 notice no. 21/2015, issued on
August 26,2015 (copy of which is attached hereto as Exhibit F.3(c), accordingly to the inspection carried out on August
12, 2015, as described under report no. 634. This notice assessed a fine to be paid for the total amount of EUR 682.15, 

 entirely settled 

 4.        

 Some of the works requested
by the Pavia Province, as detailed in Exhibit F.4, have been ordered but not yet been completed (the “UNFINISHED PROVINCE
WORKS”); 

 G.        

 the Gestore dei Servizi Energetici
- GSE S.p.A. (the “USE”): 

 1.        

 on June 23, 2015 performed an
inspection on the TROMELLO PLANT, informing Agricerere of the initiation of a process of control pursuant to art. 42 of Legislative
Decree no. 28/2011 and art. 1 of the Ministerial Decree 31 January 2014; 

 2.        

 on October 19, 2015 served Agricerere
a notice (copy of which is attached hereto as Exhibit G.2 the “GSE NOTICE”) which refers that the findings
of the inspection revealed that the TROMELLO PLANT was allegedly built in violation of the Autorizzazione Unica, in contradiction
with what referred by Agricerere to the GSE on January 4, 2013 (G3E / A20130001150), therefore inviting Agricerere to provide
written informations and documents, and the Pavia Province to communicate whether or not the Autorizzazione Unica has to be considered
valid and effective yet, despite the findings above, specifying whether or not variations performed by Agricerere are to be considered
substantial. 

 H.        

 on November 6, 2015 Agricerere
replied to the GSE NOTICE, explaining why variations performed are not to be considered substantial and, therefore, not to have
occurred in a violation of Autorizzazione Unica (copy of which is attached hereto as Exhibit H). 

    	 

    	 

    

   

 I.        

 notwithstanding all the above,
BUYER confirms its intention to purchase from the SELLERS and SELLERS to sell to BUYER the SHARES; 

 J.        

 in consideration of the above
recitals, the Parties desire to amend and supplement the SPA in order to cover and better regulate their relationship under the
SPA also in light of the situations described in the previous recitals; 

 K.        

 the PARTIES wish to perform
the CLOSING today. 

 NOW, THEREFORE, in consideration
of the above recitals the Parties agree as follows 

 SECTION 1— AMENDMENTS TO
DEFINITIONS 

 A. The following definitions contained in Article
1 of the SPA are hereby amended and restated as follows: 

	 NET ASSETS 	 The net assets
    of each SPV as indicated and to be calculated according to the format attached hereto as Exhibit 1.01.c. For
    clarity sake, (i) as a general rule VAT receivables other than VAT relevant to LAST HARVEST INVOICES shall be excluded
    from the net assets value calculation 00 any outstanding balance(principal and interest) of the debts rescheduling
    agreements regarding trade payables towards OVERLAND and the entities controlled by AGRIHOLDING enclosed as Exhibit 8.01.10.c
    shall be computed (WITHOUT DUPLICATION) among the liabilities for calculation of the net assets value and (iii) the minimum
    required net assets value for each SPVs shall be at least EUR 409.000,00 (four hundred nine thousand/00) (hereinafter the
    “MINIMUM REQUIRED NET ASSETS”)   

 B. The following definition is added to those
contained in Article 1 of the SPA: 

	 PAYABLE 	 Euro 222,754.00 the overall net amount of 
	   	   
	 EXTRAORDINARY COSTS 	 EXTRAORDINARY COSTS payable as at Closing Date 
	   	   
	 LAST HARVEST INVOICES” 

         TROMELLO CRIMINAL CASE 
	 The invoices for services
        and feedstock in July/August/September/October 2015 and relevant to the harvest 2015/2016, irrespective whether or not
        such invoices have been paid by the SPVs 

         The criminal case involving
        the legal representative of Agricerere, Mr. Raffaele Vanni for violation of Article 256, 1st paragraph of DLGS 152/2006
        in the TROMELLO PLANT (Public Prosecutor Office of Pavia n. NRGNR n. 214/2015) 

	   	   
	 “VOLTEO RETENTION” 	 The overall amount of Euro 567,142.00 

   

    	 

    	 

    

 SECTION 2 — AMENDMENTS TO
THE PURCHASE PRICE 

 A.         

 The wording of Article 3.02 (b) of the SPA is hereby
amended and restated as follows: 

 “(b) the balance equal
to the AGREED PURCHASE PRICE, less the ADJUSTED CLOSING PAYMENT and less 50% (fifty per cent) of the SPECIAL CREDIT (hereinafter
referred to as the “BALANCE”), or the different amount that will result from the application of adjustment
mechanism provided for in Article 3.03. (hereinafter referred to as the “DEFERRED PAYMENT”), shall be
paid on the third anniversary of the CLOSING DATE (hereinafter referred to as the “DEFERRED PAYMENT MATURITY DATE”)
and it shall be reflected in three notes, one for each SELLER in a form substantially in line with the text of the Exhibit
3.02.(b) bearing interest at annual rate of 2% (two per cent), to be delivered by BUYER to each relevant SELLERS as provided
for by Article 3.03. below (hereinafter referred to as the “NOTES”)” 

 B.         

 The wording of the first two paragraphs of Article
3.03 of the SPA is hereby amended and restated as follows (paragraphs 3.03.1 — 3.03.4, inclusive, remain unchanged): 

 “The PARTIES in view of
SELLER’s commitment, indicated in Article 3.01. above, to guarantee the BL EBITDA and the EQUITY IRR TARGET for the period
of 18 months frolp the CLOSING DATE (hereinafter referred to as the “ADJUSTMENT PERIOD”), have agreed on the
following adjustment mechanism regarding the DEFERRED PAYMENT. 

 The DEFERRED PAYMENT shall be
adjusted on the basis of the AA EBITDA versus the BL EBITDA for the same period, according to the mechanism described hereinafter.
The PARTIES agree that for the purpose of this Article 3.03. the following items shall not be deducted from the cash revenues
and shall be added back for the purpose of the calculation of the AA EBITDA: all fees and remunerations directly or indirect paid
to BUYER or any of his affiliates or related parties. The EXTRAORDINARY COSTS already computed in the NET ASSETS calculation shall
also be excluded from the calculation of the AA EBITDA”. 

 SECTION 3 — AMENDMENTS TO
CONDITION PRECEDENT CLAUSE  

 A. 

 The following provision is added after Article
4.04: 

 “4.05 The PARTIES, in consideration
of the fact that Battu. IMI S.p.A. expressed its consent to the change of control, subject to certain conditions, including without
limitation, the reconstitution of the DSRA amounts for each SPV as provided in the FINANCING AGREEMENT (the “DSRA AMOUNT”)
agree that BUYER shall be responsible to reconstitute at CLOSING the DSRA AMOUNT in the DSRA Account of each of the four SPVs” 

 SECTION 4 — AMENDMENTS TO
THE CLOSING CLAUSE 

 A.         

 At the end Article 6.02.a of the SPA, the following
wording is added: 

 “b. each SELLER shall: 

 (omissis) 

 (iv) deliver to the BUYER the
duly executed corporate guarantee regarding the indemnity for the TROMELLO DAMAGES and GARLASCO DAMAGES in the text attached hereto
under Exhibit 6.02.a (iv)” 

 B.        

 The wording of Article 6.02.b (i) of the SPA is
hereby amended and restated as follows: 

 “b. the BUYER shall: 

 (i)        

 pay the ADJUSTED CLOSING PAYMENT to the SELLERS
as follows: 

    	 

    	 

    

   

         

 (x) to VOLTEO 70% of the amount
of the ADJUSTED CLOSING PAYMENT less the VOLTEO RETENTION less 70% of 50% of the Bank waiver fee and Bank’s lawyers fee; 

         

 (y) to AGRIHOLDING 20% of the
amount of the ADJUSTED CLOSING PAYMENT less 20% of 50% of the Bank waiver fee and Bank’s lawyers fee;; 

         

 (z) to OVERLAND 10% of the
amount of the ADJUSTED CLOSING PAYMENT less 10% of 50% of the Bank waiver fee and Bank’s lawyers fee;.” 

 Paragraphs (ii), (iii), (iv) and (v) remain the same. 

 (vi) deliver to VOLTEO irrevocable
bank transfers ordered by each SPV for the payment, by December 31st 2015, of VOLTEO RETENTION less the PAYABLE EXTRAORDINARY
COSTS. For clarity sake, the aggregate amount of the irrevocable bank transfer is euro 315,194,00 The bank transfer will be conditioned
to receipt of the payment by the GSE of the invoice regarding the production of September 2015 . 

 C.        

 At the end of Article 6.02 (b), the following wording
is added: 

 “c. VOLTEO shall deliver
a duly executed indemnity letter regarding the consequences deriving from the law suit introduced by Noe Scavi S.r.l. according
to the text attached hereto under Exhibit 6.02.c” 

 D. 

 Exhibit 6.02.a(iv) and Exhibit 6.02.c are attached
to this AMENDMENT Exhibit 6.02.a(iv) and Exhibit 6.02.c. 

 SECTION 5 - CLOSING PAYMENTS AND
AMENDMENTS  

 TO CLOSING PAYMENT ADJUSTMENTS 

 A.   

 The Parties agree that the PRE-CLOSING NET ASSETS
CALCULATION for the four SPVs is reflected in Exhibit 7.02 and that therefore: (i) no negative NET ASSET DIFFERENCE
exist, subject to adjustment upon FINAL CLOSING NET ASSETS CALCULATION; and that (ft) any excess or shortfall of the FINAL CLOSING
NET ASSETS CALCULATION compared with MINIMUM REQUIRED NET ASSETS, will be paid by BUYER or by SELLERS, as the case may be, pursuant
to Article 7.06. 

 B. 

 The wording of Article 7.06 of the SPA is hereby
amended and restated as follow: 

 “7.06 The PARTIES agree
that: (A) in the event the FINAL CLOSING NET ASSETS CALCULATION is higher than the MINIMUM REQUIRED NET ASSETS, then the excess
will be added to the DEFERRED PAYMENT and paid accordingly to SELLERS; (B) in the event the FINAL CLOSING NET ASSETS CALCULATION
is lower than the MINIMUM REQUIRED NET ASSETS, then the excess will be deducted by BUYER from the DEFERRED PAYMENT.” 

 SECTION 6 — AMENDMENTS TO
VAT CREDIT CLAUSE 

 A.         

 The wording of Article 7.07 of the SPA containing
a mistake is hereby amended and restated as follows: 

 “7.07 The PARTIES agree
that the VAT ADVANCE mechanism provided for in following Article 7.10 will be triggered only in the event the aggregate amount
of the ADJUSTED CLOSING PAYMENT for the four SPVs is lower than 2,140,000.00 (two million one hundred forty thousand/00) (hereinafter
the “TRIGGERING AMOUNT”). 

    	 

    	 

    

   

 B. 

 The PARTIES acknowledge that: (i) the amounts of
the ADJUSTED CLOSING PAYMENTS resulting from the SPA and this AMENDMENT do not trigger the VAT ADVANCE mechanism and that therefore
Article 7.07 and 7.10 shall not apply; (ii) SELLERS will retain their rights to the SHAREHOLDERS ADDITIONAL CONSIDERATION. 

 C. 

 The wording of Article 7.08 of the SPA is hereby
amended and restated as follows 

 “7.08 SELLERS represent
and warrants that Exhibit 7.08. correctly represents (i) the amount of the VAT credit for which reimbursement has
been requested for each SPV as well as the VAT reimbursement received in September 2015, (ii) the amount of VAT bank loans net
of the reimbursement done by the SPV based on the VAT reimbursement received in September 2015, (Hi) the 2014 VAT credit for which
the reimbursement still has to be requested, (iv) the VAT credit relating the LAST HARVEST INVOICES (included in the NET ASSET
CALCULATION) and (v) the VAT credit as of September 30th 20I5and that all documents and surety necessary to obtain the reimbursement
have been properly filed.. SELLERS represent and warrant that the 4 (four) SPVs shall have an overall non-financed VAT credits,
net of VAT credit relating the LAST HARVEST INVOICE, for which reimbursement have to be requested, as specified in Exhibit 7.08,
(hereinafter referred to as the “EXCESS VAT CREDIT”) and shall to be included in the overall 2015 tax declaration.
BUYER shall either (i) cause each SPV as soon as technically feasible to file the reimbursement request for the EXCESS VAT CREDIT
and procure the necessary surety to be filed together with the reimbursement request and provide SELLERS with a copy of the EXCESS
VAT CREDIT reimbursement requests once filed or (H) cause each SPV as soon as technically feasible to execute the necessary documents/certifications
in order to use the EXCESS VAT CREDIT to set off other taxes or any other offsettable taxes, duties and/or contributions .” 

 D.         

 The wording of Article 7.09 of the SPA is hereby
amended and restated as follows 

 “7.09 In light of the representation made in
Article 7.08 above, the PARTIES agree that 

 (a)        

 As of the closing date each
SPV will have a trade debt towards VOLTEO only for the outstanding amount of VOLTEO’s trade receivables specified in the
Exhibit 7.09.(a).. 

 The amount of VOLTEO OUTSTANDING
TRADE RECEIVABLES shall be equal to the amount of the VOLTEO RETENTION less the PAYABLE EXTRAORDINARY COSTS and it will be paid
to VOLTEO by December 31st, 2015 subject to the payment by the GSE of the invoice regarding the production of the month of September
2015 whose payment has been delayed for technical reasons 

 (b)        

 the BUYER agrees to pay to
the SELLERS as additional consideration for the sale of the SHARES an amount equal to the quota of the EXCESS VAT CREDIT to be
allocated to each of the SELLERS according to their respective share participation in each SPV (hereinafter the “SHAREHOLDERS
ADDITIONAL CONSIDERATION”); 

 (c)        

 the payment by the BUYER of
the SHAREHOLDERS ADDITIONAL CONSIDERATION (0 is linked and subject to the reimbursement of the EXCESS VAT CREDIT to each
relevant SPV and the availability of said funds, (ii) shall be made pro-rata and pari passu to each of the SELLERS
, (ii) according to the provisions of Article 7.10. to 7.14, as applicable. 

 E.        

 Exhibit 7.09 (a) of the SPA is replaced by the
document enclosed herewith as Exhibit 6D that will become the new Exhibit 7.09 (a). 

    	 

    	 

    

   

 F.        

 The wording of Articles 7.11,
7.13 and 7.14 is hereby amended and restated as follows: 

 “7.11 

 BUYER undertakes: (a) to pay
the SHAREHOLDERS ADDITIONAL CONSIDERATION, complying with the applicable commitments under the FINANCING DOCUMENTS, pad passu
with the proceeds of the VAT credit reimbursements after payment of the VAT BANK LOANS (principal and interests matured thereon)
and in any case no later than 90 days from the payment of the VAT reimbursements to each relevant SPV 

 7.13        

 In the event all or part of
SHAREHOLDERS ADDITIONAL CONSIDERATION have not been paid at DEFERRED PAYMENT MATURIY DATE, BUYER shall, pay the outstanding balance
as soon the proceeds from the reimbursement of the EXCESS VAT CREDIT are received and they become available. 

 7.14        

 In the event that after DEFERRED
PAYMENT MATURITY DATE there is still a balance SHAREHOLDERS ADDITIONAL CONSIDERATION to be paid, the SELLERS undertake (i)
to waive, respectively and as applicable, any balance of SHAREHOLDERS ADDITIONAL CONSIDERATION if the EXCESS VAT CREDIT reimbursement
is not sufficient to cover the outstanding balance of the SHAREHOLDERS ADDITIONAL CONSIDERATION, provided that at SELLERS’
request and costs, BUYER undertakes to cause any relevant SPV to challenge in the appropriate venues any Tax Authority ruling
that reduces the amount of the EXCESS VAT CREDIT reimbursed; in such case the SELLERS’s waiver will be made according to
the decision, and 00 to waive, respectively and as applicable, any balance of the SHAREHOLDERS ADDITIONAL CONSIDERATION
if the entire EXCESS VAT CREDIT has not been reimbursed within the seventh anniversary of the DEFERRED PAYMENT MATURITY DATE. 

 G.        

 The following provision shall
be added after Article 7.14: 

 “7.15 

 BUYER shall send to each SELLER
every 3 (three) months a written up-date report on the EXCESS VAT CREDIT situation of the SPVs” 

 SECTION 7 — AMENDMENT TO
THE REPRESENTATIONS AND WARRANTIES CLAUSE 

 A.   

 The wording of Article 8.01.16
of the SPA is hereby amended and restated as follows: 

 “8.01.16 Validity of
contracts. The plants, building, structures, fixtures and improvements on land owned by each SPV conform to all applicable
laws and regulations including, without limitation, zoning and building laws and regulations, environmental laws, and with the
exception of the TROMELLO SITUATION, PROVINCE NOTICES and GSE NOTICE no notice of violation relating to the same has been threatened
to or received by any SPV and no grounds exist and there is no basis in fact for the assessment of any violation thereof.” 

 B.   

 The wording of Article 8.01.21
of the SPA is hereby amended and restated as follows: 

 “8.1.21 Litigation.
Except for the law suit instituted by Noe Scavi S.r.l., the criminal case regarding TROMELLO PLANT, PROVINCE NOTICE and GSE
NOTICE, there is no claim, action, suit or arbitration, before any court, administrative or regulatory body, arbitration panel,
or any governmental agency, threatened or pending against any of the SPV. There is no claim, action or proceeding now pending
or threatened before any court, administrative or regulatory body, arbitration panel, or any governmental agency, which will,
or could, prevent or hamper the consummation of the transactions contemplated by this AGREEMENT.” 

    	 

    	 

    

   

 C.   

 The wording of Article 8.01.22 of the SPA is hereby
amended and restated as follows: 

 “8.01.22        

 Licenses and permits.
The licenses, permits and authorizations held by the SPVs are valid and in full force and effect, in compliance with all applicable
laws. The SELLER is not aware of any reasons for the suspension, revocation or cancellation, in whole or in part, of the licenses,
permits and authorizations relating to the SPV plants. The SPVs hold any and all licenses, permits and authorizations required
for the lawful performance of their business and they are being and have been complied with at all times. In particular, the SPVs
with the exception of the PROVINCE NOTICES and GSE NOTICE, are in compliance with all the requirements of the various permits
which were required to build, operate and sell the eleetticity produced.” 

 D.     
  

 3The wording of Article 8.01.23 of the SPA is hereby
amended and restated as follows: 

 “8.01.23        

 Compliance. To the SELLER
knowledge, the SPVs conduct and have conducted their business and operations in full compliance with applicable mandatory laws,
regulations and administrative authorizations. With the exception of the TROMELLO CRIMINAL CASE, no crimes have been committed
nor conducts have been carried out by any persons, for the benefit or in the interest of the SPVs, as a consequence of which the
SPVs may incur any sanctions pursuant to Legislative Decree 231/2001.” 

 SECTION 8 — AMENDMENT TO
THE INDEMNIFICATION OBLIGATIONS CLAUSE 

 A.         

 The following provisions shall be added after Article
9.16 of the SPA: 

 “9.17 

 BUYER and VOLTEO acknowledge
and confirm that the limitations, exceptions and thresholds provided for by this Article 9 do not apply to VOLTEO’s indemnification
obligations concerning the Noe Scavi S.r.l. law suit, which is regulated by the indemnity letter attached hereto under Exhibit
6.02.c. 

 9.18        

 The PARTIES acknowledge and
confirm that the limitation, exceptions and thresholds provided for by this Article 9 do not apply to the indemnification obligations
concerning the TROMELLO DAMAGES and the GARLASCO SITAUTION. 

 9.19        

 Anything to the contrary notwithstanding,
OVERLAND and AGRIHOLDING shall not be liable under this Contract nor at any different title whatsoever in respect to costs, damages
and liabilities airing out of the Noe Scavi S.r.l. law suit or other claims by Noe Scavi S.r.l. which will be a responsibility
of VOLTEO and not of OVERLAND or AGRIHOLDING. 

 SECTION 9 —SPECIAL PROVISIONS
REGARDING TROMELLO 

 A.        

 After Article 11 of the SPA the following
Article 12 shall be added: 

    	 

    	 

    

 “ARTICLE 12  

 SPECIAL PROVISIONS REGARDING TROMELLO 

 12.1

 TROMELLO PENALTY. In
the event that by March 31st 2016 the plea bargain regarding the TROMELLO CRIMINAL CASE has not been approved and the fine paid
BUYER is entitled to receive a penalty of Euro 100,000.00 (the “TROMELLO PENALTY”). The amount of the TROMELLO
PENALTY shall be deducted from the amount of the DEFERRED PAYMENT.SELLERS undertake to assist BUYER and AGRICERE, and BUYER shall
cause AGRICERERE to cooperate with SELLERS, with the management of the administrative aspects of the TROMELLO SITUATION with the
Provincia of Pavia. 

 12.2

 TROMELLO AND GARLASCO INDEMNITY
GUARANTY. At CLOSING, OVERLAND and, AGRIHOLDING shall deliver and VOLTEO shall cause Gruppo Waste Italia S.p.A. to deliver
a corporate guarantee pro-quota to guarantee the indemnification of any damage or negative consequence that may be originated
to AGRICERERE (and indirectly to BUYER) in connection with the TROMELLO SITUATION (the “TROMELLO DAMAGES”) and
to AGRISORSE (and indirectly to BUYER) in connection with and originated by the notice sent by the Pavia Province specified in
Recital F.2 (f) above (the “GARLASCO DAMAGES”), in the format attached hereto under Exhibit 6.02 (a) (iv) . 

 SECTION 10 — ACKNOWLEDGMENT
OF THE AMOUNT OF THE CLOSING PAYMENTS —

SUBSEQUENT PAYMENTS 

 A.         

 The Parties acknowledge that the ADJUSTED CLOSING
PAYMENTS resulting from the SPA and this AMENDMENT are the following: 

	   	 Agricerere
    S.r.l. (1) 	 Agrielektra
    S.r.l. (2) 	 Agrisorse
    S.r.l. (3) 	 Gefa
    S.r.l. (4) 	 Total 

         (D+(2)+(3)+(4) 

	 50%
    AGREED PURCHASE PRICE 	 700,000 	 700,000 	 700,000 	 700,000 	 2,800,000 
	 50%
    SPECIAL CREDIT 	 50,000 	 50,000 	 50,000 	 50,000 	 200,000 
	 NET ASSETS ADJUSTMENT 

         pursuant to

        Article 7.02 
	 0 	 0 	 0 	 0 	 0 
	   	 650,000 	 650,000 	 650,000 	 650,000 	 2,600,000 

   

    	 

    	 

    

   

 B. 

 The Parties agree the following allocation of the
payments by BUYER to SELLERS: 

 i.        

 The DEFERRED PAYMENT will be allocated as consideration
for the assignment of the SELLERS’ shareholders loans referred to under Article 3.01 of the SPA 

 ii.        

 Any other payments provided
for under the SPA — including but not limited to the SHAREHOLDERS ADDITIONAL CONSIDERATION — will be allocated as
consideration of the SHARES 

 SECTION 11— GENERAL 

 A.        

 To the extent not expressly
amended hereby, the SPA remains in full force and effect in accordance with its terms. 

 B.        

 This Amendment sets forth
the entire agreement and understanding of the PARTIES relating to the subject matter herein and merges all prior or contemporaneous
discussions between them. 

 C.        

 This Amendment may be executed
in four or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

 IN WITNESS THEREOF, the PARTIES hereto
have signed this AMENDMENT and its Enclosures on December __ 2015 in Milan. 

 /s/ BlueSphere Pavia S.r.l.             
 

 BlueSphere Pavia S.r.l. 

 /s/ Volteo Energie S.p.A.               
 

 Volteo Energie S.p.A. 

 /s/ Agriholding S.r.l.                      
 

 Agriholding S.r.l. 

 /s/ Overland S.r.l                              
 

 Overland S.r.lBlue Sphere Corporation S-1/A

 

 Exhibit
10.36 

   

 SERVICE, MAINTENANCE AND OPERATION
AGREEMENT

Contract N. SER_0356-2014-GEST — June 5, 2014 

 BETWEEN 

 1.       Orbit
Energy Charlotte, LLC with its registered office at 301 McCullough Drive, 4th Floor Charlotte, NC 28262, represented
by its authorized signatory, Shlomi Palas (the “Client”); 

 2.       AUSTEP
USA Inc. with its registered office, at Empire State Building, 350 5th Avenue, 41st Floor, New York,
NY 10118, represented by its legal representative and managing director, Alessandro Massone (the “S&M Contractor”);
and 

 3.       Austep
S.p.A., a company organized under the laws of Italy with an office at via Mecenate 76/45, 20138 Milano, Italy, represented
by its legal representative and managing director, Alessandro Massone (“Austep”), who is signing this Agreement
as a guarantor as set forth above its signature. 

 Client and S&M Contractor are jointly defined as the
“Parties”. 

 WHEREAS: 

		 (a) 	 On even date herewith, Client
                                         and Auspark LLC, an affiliate of the S&M Contractor, entered into a turnkey agreement
                                         for the design, construction and delivery of a biogas plant with a nameplate capacity
                                         of 5,200 kw, including all machinery, processes and equipment necessary for its complete
                                         functionality and full operation (the “Plant”) to be built and operated
                                         in North Carolina (the “EPC Agreement”). 

		 (b) 	 All capitalized terms used but
                                         not defined herein have the meanings assigned to such terms in the EPC Agreement. 

		 (c) 	 The feedstock of Plant will
                                         consist of organic solid and liquid waste (“OSW”) as described in Annexes
                                         2, 5 and 6 hereto. 

		 (d) 	 Once construction of the Plant
                                         reaches Power Substantial Completion in accordance with the EPC Agreement, the Client
                                         desires for S&M Contractor to operate, maintain, and service the Plant. 

		 (e) 	 The S&M Contractor represents
                                         that it has the technical know-how, experience and capacity required to perform the full
                                         service and maintenance and operation of the Plant as contemplated by the EPC Agreement
                                         and that it has personnel with adequate professional qualifications for the nature and
                                         complexity of the services required. 

		 (f) 	 Client desires to engage S&M
                                         Contractor to perform service and maintenance and operation in respect of the Plant,
                                         and S&M Contractor desires to accept such engagement. 

   

 Now therefore, the Parties have agreed and accepted
as follows: 

	 1       	  RECITALS AND ANNEXES 

   

 1.1 The recitals and annexes constitute an integral
and substantive part of this agreement 

 (this “Agreement”). 

 1.2 The annexes are as follows: 

		 • 	 Annex
                                         1: Maintenance Plan (including the technical documentation provided with the CHP Units
                                         (as defined in Section 5.1(b)) 

		 • 	 Annex 2: Plan of Analyses 

		 • 	 Annex 3: Plant Manual of operation
                                         (the “Manual of Operation”) 

		 • 	 Annex
                                         4: Form of Performance Guarantee Agreement pursuant to which S&M Contractor guarantees
                                         from the Power Substantial Completion Date a gross annual production of 41,000,000 kWh
                                         of electricity for a term of two years (the “Performance Guarantee”). 

		 • 	 Annex 5: Schedule of feedstock
                                         arrivals (the “Schedule of Arrivals”) 

		 • 	 Annex 6: Table of feedstock
                                         deviation quality and quantity (the “Table of Deviances”) 

		 • 	 Annex
                                         7: Form of waivers of claims to be provided by sub-contactors prior to the performance
                                         of any part of the Service (the “Form of Waiver”) 

		 • 	 Annex 8: Form of Insurance Policies
                                         (the “Form of Insurance Policies”) 

   

    	 

    	 

    

   

 For the avoidance of doubt,
the Parties agree that Annexes 5 and 6 will be prepared and inserted after definitive feedstock supply agreements are entered
into in respect of the Plant. 

 1.3 This Agreement is
a binding commitment as of the date executed but the obligations of the parties to perform hereunder shall commence on the Power
Substantial Completion Date. For purposes of clarity, this Agreement may not be terminated prior to the Power Substantial Completion
Date except to the extent provided in Article 13. 

	 2        	 OBJECT OF THE AGREEMENT 

 2.1 Client hereby engages
the S&M Contractor to perform all activities relating to the day-to-day operation and management (the “Operation
Service”) and service and maintenance (both scheduled ordinary maintenance and extraordinary maintenance) (the “S&M
Service”) of the entire Plant as described in more detail in below in Sections 4 and 5, respectively, on the terms and
subject to the conditions of this Agreement. The Operation Service and the S&M Service are collectively referred to as the
“Service”. 

 2.2 S&M Contractor hereby
accepts the engagement to perform the Service on the terms and subject to the conditions of this Agreement. 

 2.3 In the performance of
the Service, S&M Contractor shall operate the Plant in a commercially reasonable manner and shall maintain and preserve the
Plant in good working order and condition, in accordance with its design and originally intended purposes. 

 2.4 In performing the Service,
the S&M Contractor shall follow, and shall cause its subcontractors to follow, the applicable guidelines and instructions
contained in the Plant usage manuals, the Manual of Operation and any other applicable manuals or instructions applicable to the
Plant. 

 2.5 S&M Contractor shall
be obliged to comply with, and shall cause all subcontractors to comply with, all laws and regulations relating to the performance
of the Service, with special but not exclusive reference to tax, workplace safety and environmental legislation. 

 2.6 S&M Contractor shall perform, and shall
cause its subcontractors to perform, all Service hereunder in a manner consist with (a) the original equipment manufacturer recommendations
and manuals (such as the Caterpillar Application Guidelines, Operation and Maintenance Manuals and related Service Bulletins available
with respect to the Equipment), including operation and maintenance guidelines, scheduled oil sampling and coolant analysis as
recommended by the manufacturer (“OEM Guidelines”); and (b) all requirements of any insurance maintained with
respect to the Plant. 

 2.7 S&M Contractor warrants
that all repairs, replacements, and other Services to be performed by or on behalf of S&M Contractor in accordance with the
terms of this Agreement shall be performed: (i) in a competent manner by qualified personnel using the reasonable skill and care
to be expected of a prudent contractor undertaking similar work and in accordance with all applicable training requirements promulgated
by the applicable equipment manufacturer; and (ii) in a manner consistent with all other requirements promulgated by the applicable
equipment manufacturer that are necessary or desirable to preserve any and all manufacturer’s warranties. Without limiting
the foregoing, all of the foregoing performed with respect to equipment manufactured by Caterpillar, Inc. or its affiliates shall
be accomplished using Caterpillar-manufactured parts. 

	 3        	 TECHNICAL DATA 

 During the term of the Agreement, S&M Contractor
will generate or obtain any data necessary for the performance of the Service, bearing any cost necessary for the determination
or receipt of such data. 

	 4        	 OPERATION SERVICE 

 S&M Contractor agrees to use
its best efforts to perform the Operation Service described in more detail below so as to enable the Plant to be operated in a
continuous and optimal manner to generate 42,640,000 kwh each year starting from the Power Substantial Completion Date. Operation
activities will be performed by S&M Contractor’s technicians 6 days/week, from Monday to Friday from 7:00 A.M. until
7:00 P.M. and on Saturday from 7:00 A.M. to 2:00 P.M. or such other times as may be agreed in writing by S&M Contractor and
Client. S&M Contractor will also provide on-call Operation Service during weekends and holidays and otherwise outside of normal
working hours. The components of the Operation Service include: 

    	 

    	 

    

   

 4.1       Operation
and Supervision of the Plant 

 4.1(a) Operation 

 S&M Contractor will: 

		 • 	 Coordinate feedstock
                                         arrivals, registering arrivals, weighting of each truck in/out and performing unloading,
                                         treatment and processing of feedstock 

		 • 	 Perform constant monitoring, tuning and maintenance 

		 • 	 Coordinate loading and shipping of digestate residues 

		 • 	 Execute daily routine analyses for process control
                                         in house lab 

		 • 	 Monitor and record the Plant’s emissions 

		 • 	 Provide the hardware, software and instrumentation
                                         for a continuous, high-speed

                                         internet connection for use by and meeting the requirements of the S&M Service 

		 • 	 If the party providing
                                         service and maintenance in respect of the Plant is not the S&M Contractor, allow
                                         such party and its personnel to access the Plant’s software, including via telephone
                                         connection (ADSL or ISDN line with a NT1 PLUS multiple number socket), and for such purpose
                                         install a telephone connection which works with auto select that extends to the control
                                         panel of the motor and it is capable of transmitting/sending via fax and of dialling
                                         a phone number 

		 • 	 Operate the equipment,
                                         machinery, components and processes of the Plant in accordance with their respective
                                         functions and operation manuals to ensure the constant operation of the Plant and achievement
                                         of the Guaranteed Operational Level (as defined below) 

		 • 	 Order and purchase all
                                         chemicals and other materials necessary for proper and continuous Plant operation and
                                         ensure that such chemicals and materials are available on-site at all times in the correct
                                         quality and quantity (it being understood and agreed that (i) S&M Contractor will
                                         use its best efforts to obtain such chemicals and other materials at the lowest price
                                         available on the market (provided that the quality and quantity of such chemicals and
                                         other materials are not compromised and the supply terms are compatible with the Plant
                                         operation needs), (ii) Client will reimburse S&M Contractor for the actual cost of
                                         the chemicals and materials purchased for Plant operation and, in this connection, S&M
                                         Contractor will invoice Client on a monthly basis for all chemicals and other materials
                                         purchased during the previous month, which shall be payable within 10 business days of
                                         receipt and (iii) if Client does not make such reimbursement, then, after written notice
                                         is made to Client, Client shall have an additional five (5) business days to make such
                                         reimbursement and if in this second period of five (5) business days no reimbursement
                                         is made, S&M Contractor shall be entitled to suspend the Operation Service until
                                         full reimbursement is made. 

		 • 	 Perform all the daily and
                                         routine measures, checks and tests to ensure the continuous operation of the Plant 

		 • 	 Record the weight and identity
                                         of the transporter of all deliveries of feedstock to the Plant, analyse a spot sample
                                         of the content thereof and supply accurate records thereof to Client (it being understood
                                         that Client will be responsible for all other aspects of feedstock delivery, supply and
                                         billing) 

		 • 	 Maintain all records and
                                         reports necessary for the proper recording of Plant data and secure it in a safe and
                                         proper manner so that it is accessible to Client and third-parties, including Lender 

		 • 	 Take such other actions
                                         as are necessary to ensure at all times the full and optimal operation of the Plant without
                                         the management and operation assistance or participation of the Client 

 4.1(b) Process and laboratory activities
and advice 

 A) Activities in the
Plant 

 The S&M Contractor process
engineer shall be present at least monthly for an inspection of the Plant. The condition of (i) the digesters, (ii) the feedstock,
(iii) the CHP Units and (iv) the wastewater treatment plant (“WWTP”) shall be assessed during the inspection. Samples
shall be taken from fermenters and the WWTP and the operating temperatures shall be checked. The S&M Contractor will perform
the following analyses: 

		 I. 	 pH 

		 II. 	 Dry and volatile matter: TS
                                         (total solids) and VS (volatile solids) 

		 III. 	 COD 

		 IV. 	 NH4-N 

		 V. 	 TN 

		 VI. 	 TSS 

		 VII. 	 BOD 

		 VIII. 	 Total P 

		 IX. 	 VFA 

		 X. 	 Alkalinity. 

    	 

    	 

    

   

 Routine analyses shall be executed
three times a week by S&M Contractor’s personnel to monitor routinely the performance of the plant. 

 Following inspection and analysis,
the results shall be provided to the Client in diagram and table form. The process manager shall also prepare a document indicating
any corrective measures necessary for the best operation of the Plant. 

 B) Laboratory activities 

 The S&M Contractor undertakes
to provide the following laboratory service on a monthly basis: 

		 I. 	 definition and analysis of the
                                         operation of the Plant; 

		 II. 	 analysis of the Feedstock entering
                                         the Plant provided by the Client; 

		 III. 	 determination of the energy
                                         potential for different types of feedstock by means of a “Standard Labscale Methane
                                         Production Test” (up to a maximum of 4 tests per year); 

		 IV. 	 a monthly report on how the
                                         operation of the Plant can be improved. 

 C) Assessment of operating data  

 Each month, the S&M Contractor,
through its process engineer, shall analyze the operating data of the Plant and provide Client a monthly performance report on
the same. 

 The data, which can be obtained from
the Plant’s operating software shall consist of: 

	   	 I. 	 the daily quantity of feedstock; 
	   	 II. 	 a theoretical calculation of daily biogas production; 
	   	 III. 	 a determination of actual production and composition of biogas; 
	   	 IV. 	 a comparison of the theoretical and real data; and 
	   	 V. 	 a diagram of the Plant management parameters. 

  4.1(c) To the extent not mentioned elsewhere in
this Agreement, S&M Contractor agrees to perform any and all other actions and services required to operate the Plant in accordance
with this Agreement. 

	 4.2        	 Operations Reporting 

 During the term of the Agreement,
S&M Contractor shall keep Client informed of the performance of the Plant, of any qualitative and/or quantitative changes
in production, and of any anomalies and unscheduled extraordinary maintenance interventions, by means of a monthly report issued
to Client and, at Lender’s request (which may be a standing request), to 

 Lender. S&M Contractor shall
also inform Client if any feedstock values are out of specifications. Operational and analysis data shall be provided in Excel
tables with graphs indicating the main parameters and any variations thereof. 

 S&M Contractor shall compile
a detailed monthly report of the operation of the Plant, 

 indicating: 

		 • 	 Feedstock fed in (quantity and quality) 

		 • 	 COD load 

		 • 	 average degradation yield 

		 • 	 biogas produced and its composition 

		 • 	 electrical energy produced 

		 • 	 any faults and maintenance 

   

 The above data shall be regularly monitored and recorded. 

    	 

    	 

    

   

	 5        	 S&M SERVICE 

 S&M Contractor guarantees that
the S&M Service as described below is sufficient to cover the full service and maintenance requirements of the Plant provided
that there are no material deviations in the operation of the Plant from the information contained in Annexes 2, 5 and 6. To the
extent that any service and maintenance actions that are necessary or reasonably desirable for the Plant to operate as designed
and to preserve the equipment or other components of the Plant in accordance with manufacturer warranties or prudent industry
standards are omitted from or not stated clearly in this Agreement, S&M Contractor hereby undertakes to perform such service
and maintenance actions on the terms and subject to the conditions of this Agreement for no extra compensation (provided, again,
that there are no material deviations in the operation of the Plant from the information contained in Annexes 2, 5 and 6). 

 The S&M Service shall consist of: 

	 5.1        	 Maintenance of the Plant 

 5.1(a) Ordinary Scheduled Maintenance of the Plant 

 S&M Contractor shall perform,
at its expense, the interventions and service and maintenance activities indicated in the Manual of Operation and any manuals
of operation or similar documents in respect of any components, equipment or parts of the Plant in accordance with the terms and
conditions indicated therein. 

 In particular, S&M Contractor undertakes to perform
the following activities: 

		 • 	 Use of equipment consumable
                                         materials as indicated in the ordinary maintenance schedule and according to the type
                                         recommended by manufacturers. 

		 • 	 Supply of the necessary
                                         replacement and consumable materials for installed equipment according to the ordinary
                                         replacement schedule indicated by manufacturers. 

		 • 	 Functional inspection of
                                         equipment and instruments. 

		 • 	 Routine scheduled inspection
                                         and if necessary cleaning and calibration of probes and instruments. 

		 • 	 Scheduled inspection and
                                         verification of current electrical draw. 

		 • 	 Repair of any Plant wear
                                         and tear and replacement of any Plant components or equipment due to wear and tear. 

		 • 	 Analysis of any faults
                                         and identification of methods to solve them. 

		 • 	 Repair of any faults, stoppages,
                                         problems, malfunctions, failure to work, nonperformance or any other issues in respect
                                         of any equipment, component or process of the Plant. 

 As part of its regular S&M
Service, S&M Contractor shall every 5 years perform, at its expense, an inspection and maintenance of the inner coating of
each digester of the Plant (the “Digester Inner Coating Maintenance”). During Digester Inner Coating Maintenance,
each digester will be stopped for 20 days during which the Plant electrical production will be reduced to 75%. S&M Contractor
represents that the impact of the Digester Inner Coating Maintenance of the three digesters on the annual Plant performance will
be 1.1% once every 5 years. 

 On conclusion of each ordinary scheduled
maintenance activity, S&M Contractor shall describe the activity performed in the “General Maintenance Schedule for
the Plant’ 

 For the correct operation of electromechanical
equipment, electric motors and motor reducers, S&M Contractor shall notify Client of and perform any intervention or service
and maintenance activity it deems advisable and/or necessary (even if not strictly indicated in the Manual of Operation or any
other manuals of operation or similar documents in respect of the Plant) in order to extend the durability and prolong the lifespan
of the equipment. 

 5.1(b) Ordinary Scheduled Maintenance
of the MWM Units generator sets and related equipment (the “CHP Units”) 

 S&M Contractor undertakes to
perform, at its expense, all scheduled ordinary maintenance of the CHP Units as indicated in the Maintenance Plan (i.e., Annex
1) and as required by OEM Guidelines, including, without limitation, non-routine but scheduled maintenance actions such as non-routine
maintenance required because of the number of hours a generator set has been operated (for example, top end overhaul). 

   

    	 

    	 

    

   

 In particular, S&M Contractor
undertakes to perform the following activities: 

		 • 	 scheduled cleaning
                                         of the exhaust fumes heat exchanger (if existing); 

		 • 	 ordinary scheduled
                                         maintenance of the ventilation system, with replacement of filters; 

		 • 	 scheduled overhaul
                                         maintenance of the CHP 

		 • 	 ordinary scheduled
                                         maintenance of the emergency cooling and gas mixing system, including the pumps and the
                                         thermometer, up to the heat exchanger; 

		 • 	 ordinary scheduled
                                         maintenance of candles during ordinary maintenance works; 

 In addition, S&M Contractor undertakes
to provide the following materials: 

		 • 	 electrical materials
                                         in accordance with the ordinary maintenance schedule of the manufacturer; 

		 • 	 spare parts; 

		 • 	 mechanical materials
                                         in accordance with the schedule and of the type suggested by the manufacturer; 

		 • 	 Equipment used by
                                         personnel for the performance of ordinary maintenance activities; 

		 • 	 Lubricants, oils and other
                                         liquid materials required or useful for the performance of the Plant 

		 • 	 Laboratory tests of lubricants; 

		 • 	 Purchase (at its own expense)
                                         and supply of all chemical reagents and materials necessary for S&M Service and ensuring
                                         a sufficient stock thereof (it being understood that the expenses for the chemical reagents
                                         necessary for the Operation Service will be reimbursed to S&M Contractor by Client,
                                         as provided for in Section 4.1(a)); and 

		 • 	 Regular biological tests
                                         and laboratory analysis of the waste used in the Plant and the digestate generated by
                                         it; and 

		 • 	 replacement of catalytic
                                         converter and supply of lubricating oil for the motor. 

 The following are explicitly excluded
from the obligations of the S&M Contractor and therefore are the responsibility of Client: 

		 • 	 modifications and/or additions to the Plant; 

		 • 	 supply of fuel, water and
                                         electrical energy necessary for interventions and service and maintenance activities; 

		 • 	 disposal of waste and oils
                                         and the relevant costs, including costs related to the necessary administrative procedures;
                                         and 

		 • 	 compilation of tax records. 

 5.1(c) Unscheduled extraordinary
maintenance 

 S&M Contractor undertakes to
perform at its expense (except as expressly stated below) any and all unscheduled extraordinary service and maintenance (i.e.
accidental damage, damage caused by third parties and/or by Client) as quickly as practicable. Prior to or at the same time of
the performance of such extraordinary service and maintenance, S&M Contractor will send written notification thereof to Client
specifying the expected scope of work. If the required extraordinary service and maintenance is not reasonably foreseeable and
not caused by S&M Contractor or others under its control (“Unforeseeable Maintenance Work”), S&M Contractor
shall be entitled to request additional compensation. If S&M Contractor believes that extraordinary service or maintenance
constitutes Unforeseeable Maintenance Work, S&M Contractor shall send to Client, together with the written notification provided
for above, a quote for the additional compensation. If Client disputes: (A) S&M Contractor’s contention that the extraordinary
service and maintenance required constitutes Unforeseeable Maintenance Work, and/or (B) the amount of the quote provided by S&M
Contractor, it shall inform S&M Contractor in writing and, lacking an amicable agreement between the Parties, the dispute
will be submitted to the Ruler for adjudication in accordance with the rules and procedure set forth in Section 26 below. Notwithstanding
any entitlement to request additional compensation above, S&M Contractor shall only receive such additional compensation from
any actual cash proceeds to be received in respect of any applicable insurance policies in force. Under no circumstance will S&M
Contractor wait to perform the required extraordinary service and maintenance work until adjudicated by the Rule. Instead such
extraordinary service and maintenance work shall be performed as soon as possible and any claims for additional compensation shall
be decided in parallel or afterward. 

   

    	 

    	 

    

   

 5.2 S&M Reporting 

 During the term of the Agreement,
S&M Contractor shall issue monthly reports to Client (and, at Lender’s request (which may be a standing request), to
Lender) detailing any and all S&M Service activities performed by S&M Contractor and the underlying issues, faults or
problems requiring S&M Service in such period. 

	 6 	 Personnel of the S&M Contractor 

 The S&M Contractor undertakes
to assign specialised staff with the requisite experience and skill-set to perform the Service, including personnel satisfying
the requirements necessary or desirable to preserve any and all manufacturer’s warranties, taking responsibility for all
relevant expenses (such as, for example, transportation, travel, food and accommodation, etc.). S&M Contractor’s staff
shall be equipped with the necessary operating, service and maintenance resources for the provision of the Service. S&M Contractor’s
staff will be present on the Project site and monitor the Plant on a daily basis from Monday to Friday from 7:00 am to 7:00 pm
and on Saturday from 7:00 am to 2:00 pm and for so long as is necessary to fulfil all obligations of the S&M Contractor under
this Agreement whether during or outside of normal working hours, including weekends and holidays. S&M Contractor agrees that
it shall not be entitled to any extra compensation for any time spent at the Plant by its staff outside of normal working hours
or on weekends or holidays. 

 Professional Positions: 

		 • 	 Laboratory technician
                                         defines the analytical procedures and methods applied in the laboratory to perform
                                         the analytical tests and executes them. He is also responsible for the study and selection
                                         of the optimal conditions for plant performance and assistance in the resolution of any
                                         operating anomalies, for official on-site sampling and analysis procedures carried out
                                         by external agreed laboratories. 

 The Laboratory technician shall verify process operating
data, prepare monthly reports on the performance of the Plant. 

 Presence: daily on site. 

		 • 	 Site manager
                                         is responsible for coordination and execution of all aspects of the Service, assigning
                                         tasks and giving instructions to the S&M Contractor’s operating and support
                                         staff. He verifies plans for scheduled and unscheduled maintenance operations on the
                                         facilities and oversees them with the help of the personnel available on site. He is
                                         also responsible for monitoring and optimization of electricity consumption in the operation
                                         of the Plant. 

 Presence: daily on site. 

		 • 	 Plant Engineer
                                         is responsible for the management and performance of all engineering aspects of the
                                         Service. 

		 • 	 Operation personnel A team of three persons
                                         per each shift who will perform all aspects 

 of the Service under the coordination and instruction
of the Site Manager. 

 Presence: daily on site. 

	 7 	 ON-CALL SERVICE 

 The S&M Contractor shall provide
a 24x7 telephone service with direct and immediate access to a person with relevant expertise in order to take necessary actions
and/or in the event of urgent operational, service and maintenance requirements. The S&M Contractor undertakes to perform
Service, whenever necessary, within 24 hours, day or night including holidays and weekends, from communication in respect of the
Plant. The S&M Contractor shall provide a telephone number at which it shall be available on a 24-hour basis, seven days a
week, 365 days a year. To enable the S&M Contractor’s online support, the Client will in accordance with Section 8(b)
below maintain or procure the maintenance of a 24/7, continuous high-speed internet connection, enabling the S&M Contractor
to log on to the online control system of the Plant and perform required interventions and Service. S&M Contractor shall provide
in writing the exact type of high-speed internet connection required for the purpose of this Agreement separately to Client.  

    	 

    	 

    

   

	 8 	 OBLIGATIONS OF CLIENT 

 Without prejudice to any other
provision of this Agreement, Client undertakes, at its own expense, to perform or cause one or more third parties to perform the
following activities: 

		 a) 	 to supply the Plant at its own expense
                                         with feedstock in accordance with Annexes 2, 5 and 6; 

		 b) 	 to provide and maintain a continuous,
                                         high-speed internet connection that meets all reasonable requirements of the S&M
                                         Contractor; 

		 c) 	 to dispose of digestate that has
                                         been dewatered and dried by S&M Contractor in accordance with applicable specifications; 

		 d) 	 to carry out an inspection of the
                                         Plant on a monthly basis, using its own personnel or through a third party other than
                                         S&M Contractor; 

		 e) 	 maintain all permits needed for
                                         the proper running of the plant; 

		 f) 	 refrain from any modification and/or
                                         direct and/or third party service and maintenance that is not provided for in the Agreement; 

		 g) 	 make available, free of charge and
                                         for the entire term of this Agreement, an appropriate space where the personnel of S&M
                                         Contractor may store the materials and tools necessary for the performance of the Service
                                         as established in this Agreement; 

		 h) 	 compile tax records (if any) of
                                         energy produced by the CHP Units; 

		 i) 	 allow S&M Contractor’s
                                         personnel and/or personnel indicated by S&M Contractor to turn off all equipment,
                                         including the endothermic engine (i.e., the CHP units), where necessary and/or useful
                                         for the Service; 

		 j) 	 ensure that S&M Contractor has
                                         direct access to the registers/meters/accounting books that indicate the amount of electricity
                                         produced and consumed by the Plant each month; 

		 k) 	 bear the cost of chemicals and materials
                                         to be used in the Operation Service, including, but 

 not limited to water and electricity
for Plant operation; and 

	 I) 	 ensure that the Plant is supplied with electrical
    power and is connected to the water mains. 

	 9 	 OBLIGATIONS OF S&M CONTRACTOR 

 Without prejudice to other provisions
of this Agreement, S&M Contractor generally undertakes to fulfil all the obligations that it has assumed under this Agreement
in compliance with Client’s permits and the provisions of law, including without limitation environmental legislation. 

 In particular, S&M Contractor
undertakes to perform the following activities: 

		 a) 	 to assist Client in its relations
                                         with the competent authorities, both public or private (including the power off-taker
                                         and, if different, the utility providing power to the plant), providing technical information
                                         on the Plant and on the Service from time to time; 

		 b) 	 to provide all the personnel necessary
                                         for the performance of the Service and the fulfilment of the obligations under this Agreement.
                                         Each member of S&M Contractor’s staff and of any subcontractors (including
                                         specialised and qualified technicians) shall have appropriate experience in the performance
                                         of their duties and activities; 

		 c) 	 to use equipment and parts that complies
                                         with all applicable U.S. standards technical rules. 

		 d) 	 analyze the oil for the CHP Units
                                         when needed in accordance with the OEM Guidelines at a certified laboratory and provide
                                         oil sample analysis reports to Client; 

		 e) 	 use lubricating oil exclusively according
                                         to the machinery supplier’s instructions; 

		 f) 	 provide for the installation of a
                                         telecommunications connection to enable maintenance to be conducted remotely in accordance
                                         with the instructions of S&M Contractor. Client shall allow the connection; 

		 g) 	 provide and pay for the equipment
                                         to be used to create the Plant’s internet connection; bear the cost of chemicals
                                         and materials to be used in the S&M Service; and 

		 h) 	 prior to the performance by any sub-contractor
                                         of any part of the Service, provide Client with waivers of claims against or in respect
                                         of the Plant or Client in the form and substance attached hereto as Annex 7. 

    

    	 

    	 

    

   

	 10 	 CLIENT MANAGER 

 Client shall appoint a manager
to liaise with S&M Contractor. Such manager shall act as the interface with S&M Contractor and shall sign for technical
acceptance the invoices sent by S&M Contractor to Client. 

	 11 	 INSURANCE COVERAGE 

 S&M Contractor shall maintain
machinery breakdown insurance and a machinery breakdown business interruption insurance policy covering all the following risks
and damages and will present the Principal with valid insurance policies and/or certificates. 

 a) Machinery breakdown insurance 

 I.       All
Risk coverage including, but not limited to 

		 i. 	 machinery breakdown 

		 ii. 	 unforeseen natural hazards
                                         (including, but not limited to fire, hail, windstorm, weight of snow and ice, inundation,
                                         flood, landslide and earthquake perils)burglary/robbery/vandalism/riot mass commotion
                                         (civil unrest and looting) 

		 iii. 	 operating error, unskillfulness,
                                         construction-, material errors, short-circuit fault, over-current, over-voltage, failure
                                         of measuring and control devices, security devices; water-, oil- or lubricant-shortage; 

		 iv. 	 breakage by centrifugal force 

		 v. 	 high/low-pressure 

		 vi. 	 storm, ice, freeze. 

		 II. 	 The insurance protection will
                                         be applied to all the machinery/equipment/electronics/movable property situated at the
                                         Plant. 

		 III. 	 The protection will cover
                                         also the debris removal and clean-up costs in a min. amount of USD 600,000 and the extra
                                         costs of a minimum limit of USD 300,000. 

 IV.       The
deductible will not exceed USD 10,000. 

 b) Machinery breakdown business Interruption insurance
defined as 

		 I. 	 Business interruption losses
                                         defined as a loss of revenue caused by an event insured under the Machinery breakdown
                                         insurance coverage. 

		 II. 	 The guarantee period should
                                         amount to 6 months for machinery breakdown claims and 12 months for unforeseen natural
                                         hazards (including, but not limited to fire, hail, windstorm, weight of snow and ice,
                                         inundation, flood, landslide and earthquake perils) 

		 III. 	 The coverage should be applicable
                                         also to utility business interruption, contingency business interruption and denial of
                                         access with a minimum guarantee period of 6 months. 

		 IV. 	 The deductible will not exceed
                                         7 days. 

   

	 12 	 PERSONNEL SAFETY AND HYGIENE 

 The personnel of S&M Contractor
shall observe the hygiene standards required for the Plant. In this respect, S&M Contractor shall provide its personnel with
the necessary material, such as gloves, shields, etc. 

 S&M Contractor shall comply with
all safety standards established by applicable safety regulations, taking responsibility for personnel training. 

 S&M Contractor shall be responsible for the maintenance
and restoration after use of safety devices such as fire extinguishers, lifebuoys, masks, first aid kits, etc. required at the
Plant. S&M Contractor undertakes to obtain all authorizations, permits, registrations and licenses required by applicable
law and regulations that are necessary to fulfil its obligations pursuant to this Agreement prior to commencing the Service. In
addition, S&M Contractor undertakes: 

   

    	 

    	 

    

   

		 a) 	 to comply with, and to cause any
                                         subcontractors to comply with legislation on social insurance and tax obligations, whether
                                         contributory, remunerative, welfare, social security or concerning safety 

		 b) 	 to pay, and to cause any subcontractors
                                         to pay its employees regularly and pay the statutory contributions and charges, as well
                                         as any amounts due by law in relation to employment, welfare, social security and the
                                         use of labor force 

		 c) 	 to pay, and to cause any subcontractors
                                         to pay contributions due pursuant to law to every competent entity in relation to employment,
                                         welfare, social security and the use of labour force, 

		 d) 	 S&M Contractor is furthermore
                                         obliged to provide Client with a copy of the lists of its personnel and of any subcontractors
                                         personnel, who operate on the site, indicating their status pursuant to social security,
                                         welfare, insurance and accident prevention legislation, immediately notifying Client
                                         in writing of any up-date or change of status. 

		 e) 	 In the event that S&M Contractor
                                         fails to fulfil the obligations indicated in this Section 10 or fails to provide proof
                                         of the fulfilment of such obligations on the part of any subcontractors, it shall hold
                                         Client harmless from any consequences. In particular, S&M Contractor undertakes to
                                         hold Client harmless from any claim whatsoever, right or action made by anyone in relation
                                         to the remunerative, social security, insurance and tax status of its employees and/or
                                         associates, and those of any subcontractors and providers of services. S&M Contractor
                                         shall be solely responsible for any damage caused to Client by any failure on the part
                                         of its own personnel to comply with safety regulations, provided that such damage is
                                         not attributable to facts and/or conduct directly attributable to Client. 

	 13 	 TERM OF THE AGREEMENT AND TERMINATION 

 13.1 The Agreement is a
binding commitment as of the date executed but the obligations of the parties to perform hereunder shall commence on the Power
Substantial Completion Date. The term shall continue until the date that is 10 years after the Power Substantial Completion Date
subject to the following: 

		 (i) 	 The provision of the Operation
                                         Service will terminate 10 years from the Power Substantial Completion Date if not renewed
                                         in writing signed by both Parties for successive periods of one year; and 

		 (ii) 	 The provision of the S&M Service will terminate 10
                                         years from the Power Substantial Completion Date if not renewed in writing signed by
                                         both Parties for successive periods of one year. 

 13.2 The provision of the Operation Service or
the S&M Service may be terminated as follows: 

 (a) Client may terminate the provision
of the Operation Service or the S&M Service upon 14 days’ notice in any of the following cases: 

		 i. 	 the insolvency, bankruptcy or
                                         commencement of voluntary/involuntary liquidation proceedings in respect of S&M Contractor;
                                         failure on the part of the S&M Contractor to obtain or maintain any required insurance
                                         coverage; 

		 ii. 	 a material breach by the S&M
                                         Contractor in the performance of the Service under this Agreement that is not cured within
                                         30 days of written notice of such material breach; and/or 

		 iii. 	 failure to produce at least
                                         41,000,000 kwh of electricity in any 12 month period after the expiration of the Performance
                                         Guarantee. 

 (b) S&M Contractor may terminate
the provision of the Operation Service or the S&M Service upon 14 days’ notice in any of the following cases: 

		 i. 	 non-payment by the Client of
                                         at least two consecutive instalments of the applicable monthly fee by the established
                                         deadline; and/or 

		 ii. 	 the insolvency, bankruptcy
                                         or commencement of voluntary/involuntary liquidation proceedings in respect of Client. 

 13.3 In the event of a termination
of the Operation Service pursuant to Section 13.2, S&M Contractor agrees to train at its own expense Client’s personnel
(who shall have appropriate technical qualifications for a Plant of this nature) in the operation and management of the Plant
and in performing first interventions and service and maintenance activities in the event of failure or malfunction. Such training
shall last up to three months. 

   

    	 

    	 

    

   

	 14 	 PLANT PERFORMANCE, EXPENSES AND OPERATION SERVICE COMPENSATION 

 14.1 S&M Contractor
will use its best efforts to perform the Operation Service so as to enable the Plant to be operated in a continuous and optimal
manner to generate 42,640,000 kwh (the “Electrical Production Level”) each year starting from the Power Substantial
Completion Date. For the avoidance of doubt, the parties agree that the Electrical Production Level is separate from any performance
guarantee provided by S&M Contractor under any other agreement between the parties. Claims and compensation under the performance
guarantee provided by S&M Contractor have no affect or impact on any rights or compensation to be paid by either party hereunder. 

 14.2 In exchange for performing
the Operation Service and using its best efforts to cause the Plant to reach the Electrical Production Level and subject to the
next sentence, S&M Contractor shall receive an annual fee of USD 297,000 (the “Operating Fee”), which is
all-inclusive in respect of the Operation Service. S&M Contractor shall receive a bonus of 10% of the revenue to be generated
from any kwh of electricity produced by the Plant in excess of the Electrical Production Level up to the maximum number of kwh
that Client is entitled to sell and receive payment for under the power purchase agreement in respect of the Plant plus the actual
cost of running the CHP units for each hour of excess electrical production. Conversely, S&M Contractor agrees that Client
shall deduct from the Fee 10% of the revenue that Client does not receive for each kwh of electricity by which the actual number
of kwh is below the Electrical Production Level up to a maximum of 41,000,000 kwh (but only for so long as the Performance Guarantee
is in effect; after the expiration of the Performance Guarantee, no such limit shall apply). By way of illustration only, if the
Plant produces only 42,000,000 kwh per annum then S&M Contractor agrees that Client shall deduct from the Fee that amount
that equals to 10% of the revenue it would have received for 640,000 kwh of electricity. For the purpose of this Section 14.2,
it is agreed that the amount to be received by Client or S&M Contractor for each kwh of electricity is USD 0.068 plus the
applicable amount of any renewable energy credits and other benefits under the power purchase agreement. 

 14.3 In the event that S&M
Contractor does not render the Operation Service as set forth in this Agreement, Client shall be entitled to deduct from the Operating
Fee any reasonable amount it spends or is out of pocket to remedy such omission. For the avoidance of doubt, Client will not terminate
S&M Contractor for a non-material breach of this Agreement. 

	 15 	 S&M SERVICE COMPENSATION 

 15. 1 The parties hereto
agree that the compensation in respect of the S&M Service set forth below has been calculated based on the fact that S&M
Contractor is providing the Operation Service. 

 Consideration for the S&M Service: Net Price: USD 706,000/year
(the “S&M Fee”) 

 Insurance for S&M and plant property: Net Price: USD
150,000 

 Total Net S&M Price: USD 856,000/year 

 Accordingly, the total net yearly compensation for i)
the S&M Service and ii) the Operation 

 Service shall be as follows: 

 Total Net S&M Price: USD 856,000 

 Operating Fee (§14.2): USD 297,000 

 Total Net S&M, Insurance and Operation Compensation:
USD 1,153,000 

 15.2 The Client is required
to pay 1/12 of the Total Net Price on the fifth working day of the month following that in which the Service were performed. If
payment is delayed by over four weeks, the S&M Contractor shall have the right to suspend service provision until payment
is made. 

 15.3 In the event that the
Plant is fed with feedstock other than or in greater quantities than the amounts indicated in Annex 6 hereto, the Client shall
bear the cost of any S&M Service and/or spare parts or supplies reasonably required in addition to those provided for in this
Agreement. 

 15.4 In the event that S&M
Contractor does not render the S&M Service as set forth in this Agreement, Client shall be entitled to deduct from the S&M
Fee any reasonable amount it spends or is out of pocket to remedy such omission. For the avoidance of doubt, Client will not terminate
S&M Contractor for a non-material breach of this Agreement. 

   

    	 

    	 

    

   

	 16 	 RIGHTS OF S&M CONTRACTOR 

 It is understood that the performance
of the Service by S&M Contractor is necessarily conditional on the exercise of the following rights: 

		 • 	 the right of access at any time
                                         to the area in which Plant, its associated facilities and the premises where the components
                                         are located 

		 • 	 the right to verify the status
                                         of the Plant and to perform maintenance or other operations or necessary activities 

		 • 	 the right to have a key or equivalent
                                         means of access to the Plant and the surrounding area, with authorization to use the
                                         access means for regular maintenance of the biogas plant and connected plants, in particular
                                         in the event of a fault or emergencies 

		 • 	 the right to perform ordinary
                                         scheduled maintenance or repairs during normal working hours from Monday to Friday between
                                         7:00 am and 7:00 pm and outside of the aforementioned working hours and days in the event
                                         of an emergency or other necessity 

		 • 	 the right to replace or supplement
                                         the maintenance plans or other equivalent documents with a different maintenance schedule
                                         in the event of replacement of parts or components for technical reasons. 

	 17 	 REPRESENTATIONS OF CLIENT 

 Client acknowledges that it has
been informed of the fact that during the performance of the Service it may be necessary to shutdown the Plant (including the
shutdown of the CHP Units with a consequent interruption in energy production). Client holds S&M Contractor harmless from
any liability for loss or damage arising from a required shutdown of the Plant during the performance of the Service, provided
that the duration of such shutdown is minimized. In the event that Client is obliged to modify or replace the equipment and/or
technology that forms part of the Plant, resulting in changes to the maintenance plan and/or changes in the use of spare parts
or consumables, Client undertakes to agree any such changes with S&M Contractor and S&M Contractor reserves the right
to modify the conditions of this Agreement if such changes cause S&M Contractor to incur additional expenses. Client, its
associates and all its personnel who have access to the zone where work is performed shall comply with S&M Contractor instructions
during the performance of ordinary scheduled maintenance works (e.g. prohibition of entry, workplace safety measures, extra protective
equipment) without any right to compensation for any damages. 

	 18  	 SUBCONTRACT 

 Notwithstanding anything else herein
to the contrary, Client hereby authorizes S&M Contractor to subcontract the S&M Service or part of the S&M Service
to one or more Subcontractors, in each case, subject to the advance, written approval of Client and Lender with such approval
not to be withheld or delayed unreasonably. The technical management of the Plant, analytical operations, and the supervision
of the Plant shall not be subcontracted. Subcontractors shall be selected from companies with proven experience in the sector. 

	 19  	 WARRANTY 

 With respect to the S&M Service,
S&M Contractor warrants that the parts, materials and/or components used in the repair or replacement of any portion of the
Plant shall be of good quality, new, and free of any defect whatsoever in material or workmanship, and that, without limiting
S&M Contractor’s other obligations hereunder, S&M Contractor will repair at S&M Contractor’s expense any
damage, defect and/or fault in material or workmanship for a period of two years after such work is performed. S&M Contractor
further covenants that it will use original parts, materials and/or components consistent with OEM Guidelines so long as such
parts, materials and/or components are available on the market. 

	 20 	 SEVERABILITY OF PROVISIONS - REPRESENTATIONS 

 20.1 In the event that one
of the terms or conditions of this Agreement is deemed invalid or in any case not executable, such circumstance shall not entail
the invalidity of the remaining terms and conditions of the Agreement, which shall continue to be fully valid and effective. 

 20.2 The Parties warrant that
they have actually discussed, negotiated and agreed each individual and specific clause of this Agreement. On conclusion of the
negotiations, the Parties decided to sign two original copies of the Agreement. 

   

    	 

    	 

    

   

	 21 	 AMENDMENTS 

 Any derogation of or amendment
to the Agreement shall be valid and effective only if set forth in a written document duly signed by the Parties.  

	 22 	 AMENDMENTS TO THIS AGREEMENT BY THE LENDER 

 The Parties acknowledge and accept
that the Lender may request or demand that certain terms of this Agreement be revised or new terms be added and each Party hereby
declares its willingness to negotiate in good faith any such amendments insofar as the requests of the Lender are reasonable. 

	 23 	 NOTIFICATION AND PROCESSING OF DATA 

 All communications and the other
notifications under the Agreement shall be formulated in writing and shall be deemed duly notified if delivered personally, including
by courier, or if sent by registered letter with return receipt, or if transmitted by fax to the Parties at the following addresses: 

	 24 	 FORCE MAJEURE EVENT 

 24. 1 The following events
constitute force majeure (each a “Force Majeure Event “) so long as such events are not reasonably foreseeable
and are beyond the control of the affected party: acts of God; strikes, lockouts or other industrial disturbances; acts of public
enemies; orders or restraints of any kind of the government of the United States of America or of the State or any state or any
of their departments, agencies, political subdivisions or officials, or any civil or military authority; insurrections; civil
disturbances; riots; epidemics; landslides; lightning; earthquakes; fires; hurricanes; tornadoes; storms; droughts; floods; arrests;
restraint of government and people; explosions; breakage, malfunction or accident to facilities, machinery not comprising the
Plant, transmission pipes or canals; partial or entire failure of utilities; shortages of labor, materials, supplies or transportation. 

 24.2 In the event that for
any period of time after the Power Substantial Completion Date, the Plant is completely inoperable due to the occurrence of a
Force Majeure Event, S&M Contractor shall immediately notify Client with a copy to Lender of such Force Majeure Event in reasonable
detail. S&M Contractor’s obligations under this Agreement shall be suspended from the date of such Force Majeure Event
until it is no longer in existence; provided that S&M Contractor complies with the obligations set forth in Section 24.4;
provided, further, that S&M Contractor shall at all times use all reasonable efforts to ensure that the Plant commences partial
operation, as well as full operation, as soon as possible after the Force Majeure Event occurs. S&M Contractor shall provide
Client with notice to Lender with periodic updates, at such intervals as Client may request, but in no event less frequently than
monthly, on the status of the Force Majeure Event and the steps that S&M Contractor is taking to restore the Plant to full
operation. 

 24.3 Notwithstanding anything
else to the foregoing, the following shall not be deemed Force Majeure Events: 

		 (i) 	 the absence of materials, manpower
                                         or service, unless such absences are attributable to an event of force majeure 

		 (ii) 	 site closures imposed by the
                                         competent authorities as a result of failure on the part of the S&M Contractor to
                                         comply with applicable legislation and regulations 

		 (iii) 	 strikes limited to the establishments
                                         and employees of the S&M Contractor and Subcontractors, including the states of agitation,
                                         and participation by employees of the S&M Contractor and Subcontractors in strikes
                                         of any kind that are not of a national and sectoral nature. 

 24.4 The Party affected by
an event of Force Majeure shall not be deemed to have defaulted only if: 

		 (i) 	 it informs the other Party of
                                         the Event of Force Majeure within 24 (twenty four) hours of the occurrence of the Event,
                                         providing an adequate explanation of the Event of Force Majeure and its foreseeable duration 

   

    	 

    	 

    

   

		 (ii) 	 it has in full effect
                                         and force an insurance policy covering up to $2,500,000 of the damage, loss and/or claims
                                         caused by or related to such Event of Force Majeure, it makes all relevant communications
                                         to the respective insurance companies in a proper and timely manner and uses its best
                                         efforts to obtain and transfer the proceeds of such policy to Client after a claim is
                                         duly made therefor 

		 (iii) 	 it has done all in its power
                                         to prevent or mitigate the Event of Force Majeure that is an obstacle to its fulfilment. 

 24.5 Force Majeure Events
which only partly prevent the fulfilment of the contractual obligation of one Party shall not release the said Party from its
obligation to fulfil obligations that are not hindered by the said Force Majeure Event. 

 24.6 In the event that the
Event persists for more than 360 (three hundred and sixty) days, each Party shall have the right to withdraw from the Agreement.
In such an event, S&M Contractor shall only be entitled to receive the part of the consideration due for the part of Service
performed up to the date of exercise of the withdrawal. 

	 25 	 ASSIGNMENT OF RIGHTS 

 Except to or at the direction of
the Lender, to or at the direction of any party purchasing or benefiting from the investment tax credit applicable to the Plant
or any party purchasing the Plant and as set forth in this Article 25, this Agreement may be assigned only with the prior written
consent of the other Party. Client may collaterally assign this Agreement and any rights or obligations thereunder to any finance
provider or any trustee or agent of any financer as collateral security and in connection therewith; S&M Contractor shall
execute and deliver to such financer any consents or other documents reasonably requested by such financer. 

 Notwithstanding the foregoing, Client
may, without prior consent, assign its rights hereunder to a lender and/or trustee acting on behalf of a lender, or any financing
entity, which acquires a security interest in Client or the Plant (collectively, the “Security Lenders”) in
connection with any financing involving the Plant. In the event of an assignment of Client’s rights hereunder to any Security
Lenders, S&M Contractor shall take such further actions and execute such documents as are reasonably requested by such Security
Lenders to effectuate such assignment including, without limitation, a consent agreement containing customary terms and conditions.
Such customary terms and conditions shall include, but not be limited to, provisions related to extended notice and cure periods
to be provided to the Security Lenders, and other terms and accommodations to Security Lenders as are customary for non-recourse
project financings. Solely with respect to any Security Lender which acquires a security interest in Client or this Agreement,
and provided S&M Contractor has received written notice from Client of such interest and request, S&M Contractor shall
give written notice to such Security Lender of any default or event of default by Principal under this Agreement. 

	 26 	 PROCEDURE FOR DECISION OF DISPUTES BY THE RULER 

 The Ruler is any other person nominated
pursuant to a written agreement among the Parties; in the absence of such agreement by the seventh (7) working day following a
written request made by any Party for the nomination of the Ruler, the Ruler shall be appointed by the chairman of the American
Association of Engineers. With respect to any disputes relating to a technical issue and\or of a technical nature under this Agreement
(including any annexes thereof): (i) the relevant technical matter (including without limitation, unless explicitly indicated
otherwise herein) with respect to any financial aspects thereof shall be exclusively decided by the Ruler, (ii) the Ruler’s
opinion shall be final, undisputable and non-appealable, and the Parties will be finally bound thereby, and (iii) the Ruler shall
give reasons for its ruling, but will not be subject to any procedural Law; (iv) Ruler’ fees shall be borne by the losing
party, or as decided by the Ruler; (v) the Ruler shall give its decision within 7 working days form his appointment. 

	 27 	 ARBITRATION, JURISDICTION, APPLICABLE LAW 

 With the exception of those disputes
to be decided by the Rule, all disputes or claims between the Parties arising out of or related to this Agreement, its subject
matter and/or its validity will be decided by binding arbitration which, unless the Parties mutually agree otherwise in writing,
shall be administered by the American Arbitration Association in accordance with its Construction Industry Arbitration Rules in
effect on the date of this Agreement. 

 The venue of the arbitration will be in the State where
the Plant is located. 

 

    	 

    	 

    

 

 The applicable law will be the law
of the State where the Plant is located; the arbitrator shall: (i) apply substantive applicable Law; (ii) shall not be bound by
any rules of procedure and\or evidence; and (iii) shall give reasons for his ruling. 

 The language of the arbitration will
be English. 

 In witness thereof, the Parties
have signed this Agreement.  

 

	Austep USA Inc., the S&M Contractor	 
	/s/ Austep USA Inc.	 
	Date:  June 6, 2014	 
	 	 
	Orbit Energy Charlotte, LLC, the Client	 
	/s/ Orbit Energy Charlotte, LLC	 
	Date:  June 6, 2014	 

 

    	 

     

    

 

 GUARANTEE 

 Austep S.p.A. (“Austep”)
irrevocably, primarily, absolutely and unconditionally guarantees to Client and Its successors and assigns, for the benefit of
the foregoing and Lender, the prompt and complete payment and performance when due of the obligations of S&M Contractor under
this Agreement, including all amendments, modifications, renewals or extensions thereto, without regard to the liability or defenses
of any other person or the existence of any other security for or guarantee in respect of this Agreement. Austep hereby agrees
that any claimant under this guarantee may proceed directly to claim any amount due to it by S&M Contractor from Austep provided
that (i) it has sent a notice of claim to S&M Contractor and (ii) S&M Contractor has not cured within 60 days from receipt
of the notice and notwithstanding any bankruptcy or insolvency of Contractor. This Guarantee is a guarantee of payment and performance
and not of collection, and Austep hereby waives presentment, protest and notice of acceptance, non-payment and any and all other
notices and demands whatsoever to which Austep may be entitled and agrees that consent of Austep shall not be required in connection
with any modification of or waiver with respect to this Agreement or S&M Contractor’s obligations hereunder. No delay
in making demand on Austep shall prejudice any claimant’s rights hereunder. Austep additionally agrees to pay all costs
and expenses including attorneys’ fees, incurred by any claimant in enforcing this Guarantee. 

   

 Austep S.p.A. 

	 /s/ Austep S.p.A.

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